euor versus usd

[stevenszu999]

i have read many articles that have the euro rising in january to around the 147 level................feelings out there?????

Forex Articles

[DrForex]

Originally Posted by stevenszu999

i have read many articles that have the euro rising in january to around the 147 level................feelings out there?????

Seems like they were right.

[FibMaster]

You may have seen my earlier USD/EUR analysis with the mention of a 1.47 target.

Attached is an updated chart (daily), with a key resistance and support level.

There is a good chance that the Euro turns down soon. If it puts in a swing high below 1.50 then a double-top is the most likely scenario, with a move back down to 1.44 quite achievable.

The Euro needs to break through the support/resistance channel for the market to establish a new direction. This is useful knowledge - if you let the market point the way, you know how to trade it.

If there is a significant retracement, and the 1.44 support level breaks, this chart turns very bearish and could provide great shorting. Above the 1.50 resistance area, we can trade more aggressively to the upside as the bulls are in control.

-Neal.