The EurUsd has moved approximately 500 pips off its yearly low.
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At this juncture, price has tested 1.24 with still an upside resistance at 1.2467 (set 10/27/2008) as a triple top on the Hourly while also forming a head and shoulders. It’s also the end of the week. So, it seems quite possible that, with the pair having trended up for 2 weeks now, that a retracement / profit-taking session may be due.
Another test of 1.24 will likely lead to an extension of 1.2457-67. Will look for sellers there and a square up on Friday then back to the 1.2324(S3) or lower.
Image(s):
What ProAct Traders sees in the Forex starting the week of June 20th, 2010
REMEMBER: THIS IS BIG PICTURE ONLY - NOT INTRADAY! Please NOTE!!!! This is an opinion only!
CLICK ON IMAGES TO ENLARGE
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EURUSD
WHAT ProAct Traders SEE: We have continued to march northward as the dollar continues to strengthen. Looking to continue to the .786 retracement which is also the resistance - R6 of this move. There is resistance also there from the day chart so expect sellers will enter there.