eurusd price action
The chart above is how the price of the euro vs dollar (EURUSD) has moved over the last days.
In becoming serious about trading now, this post will document my trading this pair. I’ll be following what my mentor says and learning with his guidance his strategy that I’m learning.
The following notes are taken from:
On 3 March 2013
The EURUSD ended this week just above the key support at 1.3000 after a large move lower from 1.3300 resistance early in the week. On Monday, the market tried to push above 1.3300 key resistance but ran into a lot of selling interest there and quickly sold-off, reversing sharply lower from that level. The market basically consolidated just above 1.3000 support after the large move lower from Monday. Friday, we can see the market tried to push below 1.3000 but created a false break of that level to end the week just above it at 1.3016. Next week, this 1.3000 support level will be critical; if the market can hold above it we could see a retrace to the upside, but if we remain weak and move below it, the door would be open for more losses. Near-term momentum is down and we can watch for price action sell signals next week if the market rotates back to resistance. However, traders can also keep an eye on key support near 1.3000 and 1.2875 for obvious / large daily chart reversal signals, we will update traders next week on this pair if any signals form either way.
On 23 February 2013
Weekly Price Action Trading Outlook for February 25th to March 1st 2013
EURUSD – Euro/dollar holding firm above 1.3150 support
The EURUSD ended today basically unchanged after moving lower and finding support down near 1.3150. The market is still holding above that support so we could see some upside movement early next before the market moves lower again. There’s resistance up near 1.3300 that price would need to close above to have a chance at starting a larger run higher. This market is basically contained between 1.3300 – 1.3150 right now and we’ll need to get a close beyond one of these levels to get a clear sense of direction in this market. However, for now we are simply going to stay on the sidelines and observe the price action early next week and see what unfolds.
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