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EUR/USD

EUR/USD

Thomas Long, Course Instructor

Since uptrends are defined by a series of higher highs and higher lows, noting key lows keeps me aware of the big picture. I see the next level of support being the 1.47997 low of November 20th. A move down through that level would confirm the changing sentiment that was first noted when the high at point B fell short of the high at point A. However, that really wouldn't mean a trend change to me. The next support level is the 1.46255 low of November 3rd. A move down through that low would still not mean a trend change to me, but it would certainly be a good hint. A further move down through the 1.44799 level would most likely confirm a change of trend, but we are a long way from that level.

In the meantime, I would continue to look for buys as long as the market stays above the 1.4800 level. A move down through that level would be a signal to hold off on opening any new trades because of the short-term uncertainty.

eurusd
 

 

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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