Last week we mentioned that we would be on the lookout for how the Eur/Usd reacts at some particular Support and Resistance levels (1.3276 and 1.3413). It turns out that the Support was breached in the earlier part of the week and so our Buy position got closed out with a very slim profit. The market is currently finding Support around the 1.3067 level though it remains to be seen how long this will hold.
The movement of the Eur/Usd has been largely sideways for last week’s trading. Our bullish trade is still in play and the profit is also still hovering around 100 pips. We’ll continue to watch out for market reactions around the 1.3276 and 1.3413 levels. These two levels are critical because they are the closest Support and Resistance points to the current Price action.
In last week’s article, I mentioned that a buy signal would be generated if the 1.3261 Resistance level was breached on the Eur/Usd pair. If you were observing Price action, you would have noticed that the Resistance was indeed breached and now (Monday evening) the market has put in about 100 pips. We’ll keep an eye on market movement, especially at the 1.3404 and 1.3261 levels.
In last week’s article, we mentioned that there was some bullish retracement on the Eur/Usd charts and we were looking to see if the move would be sustained or not. It so happens that it was sustained and now the market has just encountered the 1.3261 Resistance, which was also mentioned in last week’s article. We’ll be considering a Long trade if this level is breached within the current week.
The direction of the market for the Eur/Usd pair remained bearish after last week’s trading activities. There was some recovery in the earlier part of the week but then the bearish trend resumed aggressively on the very last day of trading (Friday).
Page 1 of 12