The EURUSD pair had a very volatile Monday, as we initially tried to rally, but turned back around to crash into the 1.08 level, and the 50 day exponential moving average.
The 1.08 level has been supportive, and as a result we did bounce back above it.
It’s pretty simple for us though, if we can break down below the bottom of the range we are sellers.
On the other hand, if we bounce significantly we would anticipate that this market would continue to bang around in the previous consolidation area that we have been in.
Editor’s Note: Equity investors/traders can use the Currency Shares Euro Trust (FXE, quote) ETF to take positions in the euro without a FOREX account. The ETF looks to track the price of the euro (EURUSD), minus ETF fee. The fund seeks to reflect the price of the euro with the shares representing a cost-effective investment relative to investing in the FOREX market.
Content curiosity of FOREXCycle
You must be logged in to post a comment.