The Euro has been a really poor performer this week as it continues to make its way lower. That said it’s been a great trade for followers of our forex signals. We collected a number of winners yesterday all featuring a short EUR position.

I feel that a big part of the move was thanks to the Greenback grinding higher in the opposite direction. It’s been lifted by the looming rate hike and also the tax cuts on the horizon.

Yesterday the EUR/USD sold off and bounced right off the 1.1723 support level. I think there might be more to come but I don’t want to be taking any longer-term trades prior to the FOMC.

However, if we crack 1.1700 we are well and truly back into bear territory.

Key Support and Resistance Levels