euro technical

Downside Action in Vogue for Euro Again

The U.S Dollar has been strong the past week and speculators may aim for downside action from the Euro short term.

Euro Resumes its Downward Trend this Morning

The Euro has resumed its downward trend early this morning and is below the 1.29 juncture versus the U.S Dollar. After showing some stability yesterday, trading has turned negative again for the Euro, as the U.S Dollar has reignited its strong run in forex.

EUR/USD 4H Chart
EUR/USD 4H Chart

The Euro is near critical support and the 1.21 level may appear to support psychologically, while resistance now appears to be the 1.2275 mark.

Long Term Support Ratios Being Tested Now

However, for traders who like to gauge forex via a daily chart scenario, the Euro is actually hovering above vital long-term technical ratios. And should it nosedive further, the Euro clearly shows the possibility of falling to around 1.20 against the U.S Dollar.

EUR/USD Daily Chart
EUR/USD Daily Chart

The European Central Bank Press Conference is tomorrow but no major changes to policy are expected. It may be the U.S growth numbers on Friday which impact the Euro more. Until then traders need to remain alert.

In the short term, we believe the Euro could be positive. The mid-term and Long term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

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Yaron Mazor

Yaron has been involved with the capital markets since 1998. During the past 16 years, Yaron has been a day and swing stocks trader in the American market. Yaron has founded and made successful investments into businesses spanning exciting industries – from apparel to restaurants and bars, to high tech, medical technology and education. Ten years ago, Yaron sold all of his businesses and became a trader. Yaron started an education provider that taught thousands of people worldwide how to trade. Since then, he has traded every single day across every imaginable financial instrument Organic Trading System (OTS) is an unprecedented, new paradigm of trading technique, developed by Yaron Mazor. The trading system utilizes a combination of essential resources of market data (Fundamental, market participant sentiment and the basic concepts of trends), which are harmonically coordinated, in order to enable a relatively fast, simple and easy way to decide which side of the market to be trading from – the Buy side or the Sell side.