Eur/Usd: Weekly Review and Report

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

Daily Chart

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.

Currensee keeps a report from all of their trades on the current positions held and right now the Eur/Usd is reported that 90% of the traders are long. That speaks to me that these traders are looking for that pull back, but will it come? Only time will tell, You can follow all of my trades for free if you sign up for Currensee.

My Forex Friend the Geek Knows has a trading blog that can give some valuable insight into trading the markets.

Popularity: 1%