The rate is trading @ 1.4087 right now; yesterday it went down to 1.3860 area and than up to 1.4115 area; a downside movement was also supported by a bad news for the EUR; for sure a break of 1.3800 area would have determined a clear bearish scenario, and probably everybody is waiting for more confirmations before buy USD vs EUR;
On the 4 hours chart the rate is finishing an head and shoulder that may move the pair down to 1.3300 area; but in this case one last confirmation is needed: 1.3850 area...; French industrial production is down more than expected...
on the up side...the resistance @ 1.4300-50 area is really hard to break and alos 1.4200; maybe if US trade balance will be really bad we may see the pair going to the next stage: 1.45 - 1.50;
I am still bearish;
here are some support and resistance:
R3 1.4531; R2 1.4276; R1 1.4181; S1 1.3926; S2 1.3766; S3 1.3511;
may trading plan:
I will sell 1x unit right now @ 1.4067;
stop loss @ 1.4181;
target 1.3850 and if everything goes in head and shoulders way target 1.3300
have a good trading day;
:D
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