EUR/USD Forex Signal: Looking Weaker EURUSD FOREX
September, I thought that despite long-term bearish trend, it was significant that the price was continuing to establish new higher support levels. I thought that the key pivotal point for the day looked likely to be the support level at $1.0032.
This was partially accurate as the price broke above that level and ended the day up, but the level did not hold – the truly pivotal point was the resistance at $1.0195. The long-term bullish trend in the US Dollar has gathered strength again after US inflation data came in higher than expected in the middle of last week. However, , with the Dollar advancing more against the British Pound and the commodity currencies.
We are now seeing signs that the Euro might be beginning to fall more significantly, with the price trading back below the parity level, and more importantly, the former support at $0.9993If the price can get established later below $0.9930, that would be a very bearish signI am prepared to take a short trade today if we get a bullish retracement to $1.0032There is nothing of high importance due today concerning either the EUR or the USD.
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