Commentary on the EUR/USD

Forexmentor.com Forex Trading Price Action

~3660 appears to be the level that the EUR/USD is going to have trouble with. That level was established back in 2005. There will be considerable resistance at that level. Looking at today’s price action, the 200 EMA provided good support, as price came into today’s session. Price formed a 1-2-3 bottom at the M2 pivot point, and then took off, and fulfilled the 2-3 price projection.

After price broke through the number two spot, it then re-tested the Tom DeMarkresistance (supply/distribution) trendline, before it resumed its trek north. For more on what all this techno-babble is about, consult www.forexmentor.com for the details.

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