Looking for EURUSD Follow Through on Reversal
On Friday, the EURUSD followed through on Thursday's daily reversal...this week I'm looking for the EURUSD to follow through on last week's reversal. To review, longs were taken on Thursday's close and risk has been moved up to 1.2900 (Thursday's low). Last night's low is in the 'looking for low' area focused on in the weekly but a drop below would probably encounter support from Thursday's close at 1.2934. Levels of interest through the month on the upside are 1.3327 and 1.3320/40. Event risk isn't especially heavy this week.
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Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.