The Eur/Usd close the week down and closed below some strong support levels as well. Because the pair has had such a strong move to the downside I would expect the pair to have a pull back or consolidation period before testing support levels and moving lower. On the pull back I would look for the pair to rise to levels of around 1.4760 because that is where the current resistance level is. There is also a fibonacci retracement level on this current move that will act as resistance in that area.
4hr Chart *Note click on the chart to learn about our premium trading service.
The pair could pullback and bounce off of that resistance area to go to new lows and the new lows could possibly be at the 1.4476 area which is a recent support area as well as a fibonacci retracement support at 23.6
The news has also turned against the euro as of late and that is a contributing factor in the recent strength in the Dollar. To keep updated with all the news that will impact the currency during this coming week visit Forex Crunch.
My Forex Friend the Geek Knows has a trading blog that can give some valuable insight into trading the markets.
Latest posts by casey (see all)
- Forex Power Indicator Training - February 2, 2018
- How to find the Right Currency Pair to Match Your Trading Strategy - January 12, 2018
- Using a Forex Checklist to Develop a Good Trading Habit - January 11, 2018
Winner’s Edge Trading, as seen on: