If You Want to Sell the Euro Take A Look at These Levels
Rowan Crosby • 1 min read
Yesterday was a nice day if you were a follower of our forex signals. Especially for those of you interested in the EUR/USD. We had some nice progress on the longer-term signal as well as a short and sharp winner.
For the most part, I’m expecting more downside to come in the Euro. As we’ve seen over the last few weeks, that’s not always a smooth ride though. The USD has also had some tricky price action after the FOMC started getting a little bit more dovish.
However as the tax cuts in the US get closer, I think we will start to see more and more money flowing into the USD. This will obviously hurt the EUR and other majors, however, it is a good chance to find some strong trends.
Key Resistance Areas
At the moment I’m looking to sell any bounce we can get. 1.1900 is a good level as it’s both a round number and what would be the ‘gap’. We gapped down yesterday thanks to USD strength over the weekend.
There’s also a decent resistance level at 1.1940 as well as 1.1958. Both would be excellent spots to look for a longer-term move lower.