The US
Dollar has been under pressure by most of its major counterparts, days before
the Non-Farm Payrolls report, that is why we have seen the Euro gain ground
versus the greenback and it is holding on to a strong bullish momentum. On the
4 hour chart below of the EUR/USD we can see how the price has come very close
to the 1.3700 level, which could act as a good resistance zone. We must be
attentive to a possible visit to that level, because it could give us a good
bounce to the downside and a possible short entry. To the downside, the 200
period exponential moving average may act as a good support now that the price
has broken above it.
interesting the dollar went down against all currencies today. great analysis
ReplyDeleteEURUSD broke higher during yesterday session, slamming into the 1.37 handle. This is an area that’s been significant resistance previously, so it makes sense that the market stopped right there. However, the fact that we are closing out the top of the range suggests that the market may attempt to break out to the upside.
ReplyDeleteWe will see where the dollar is going this week. thanks
ReplyDeleteVery strong movement
ReplyDeletefalse breakout
ReplyDeleteand then it came crashing down :)
ReplyDelete