The EUR/USD pair initially fell during the session on Monday, but pushed higher and when above the 1.28 level during the day. Ultimately though, it
The EUR/USD pair initially fell during the session on Monday, but pushed higher and when above the 1.28 level during the day. Ultimately though, it appears that the market is ready to test the resistance barrier above, which we see is going all the way up to the 1.30 handle. With that, it’s likely that the market will present some type of resistant candle in order for us to start selling again. The market is most certainly in a downtrend, and we have no interest in fighting that. On the other hand though, if we did break above the 1.30 level, we would have to rethink our bias.
EUR/USD Forecast October 21, 2014, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
