Check out this week's EURUSD forecast: Forex Forecast
produced a fairly consolidated price action path at the start of last week, but on Thursday and Friday demonstrated dangerous velocity as it spiked in both directions.The price of the EUR/USD currency pair is actually well within its average value when a five day technical chart is looked at, and a trader could scratch their head and think nothing of it.. First, the high for the EUR/USD occurred on Thursday and Friday before going into the weekend around the 0.
Technical traders should watch the 0.97000 level, if it is proven vulnerable and is not able to reignite values above it could signal additional selling. The EUR/USD is producing quick results and its sudden plunge lower on Thursday of last week serves as a reminder. Stop loss and take profit orders should be used by retail traders and a conservative amount of leverage is encouraged. Forex, including the EUR/USD has been producing violent price action which some traders may not be used to. If the 0.97100 level begins to be flirted with and the 0.97000 is penetrated lower, traders should remember the 0.
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