EUR/USD-Key Topside Resistance Levels
Shain Vernier • 1 min read
As the end of 2017 nears, the EUR/USD is entering a pivotal area for intermediate-term valuations. Current trade is firmly above the yearly 38% Fibonacci retracement, indicating that the EUR remains solid against the USD.
While the recent bearish action facing this pair seems to have dissipated over the last three sessions, the EUR/USD is at a key level where price may be driven further south.
In a Thursday trade recommendation, I outlined a plan to short the EUR/USD for the end of the week. It has proved effective, producing a 24 pip profit.
EUR/USD, Daily Chart
Market state is always an important determinant of price action. This market is slow, trading in a horizontal fashion for most of the week. Participation has been greatly limited as a result of the vacant economic calendar.
Be sure to check out today’s weekend preview for some of the events that may prompt a directional move in coming sessions.
Currently, price is hovering around the 1.1655 level, around 20 pips from entry. If you haven’t already taken profits from this trade, it may be a good idea to do so before today’s close. At the very least, tighten the stop loss to limit risk.
I am looking forward to engaging the EUR/USD next week. We have several resistance levels that are converging. If a favorable scenario sets up, then a position short may be in the cards for the Monday/Tuesday sessions.