By: Colin Jessup
Up until last week the Euro had been Bearish for a month with 4 weekly candles in a row closing lower than they opened. Last week the Euro closed higher than it opened, but not by much. The last time the Euro was at this price level, it sparked a 4 week bullish run, so are we going to see this happen again? Price is currently hovering around the daily zone of 1.3400 after closing at 1.3391 on Friday with trading during the Asian session having only a 35 pip range. If prices hold above 1.3431, which is 4-hour Moving Average, there is a possibility of trading higher during the UK/USA sessions. But a close below 1.3362 could lean towards a bearish continuation which, at least from this traders point of view, is the more likely scenario for later today. If so, look for support along the way at 1.3250 and again at 1.3175. To the up-side we can see resistance at 1.3550 and 1.3650.
Happy Trading!
