Taking a look at today’s EUR/USD D1 Chart, we can see how price stopped at around the 1.4700. This guys, was a virtual given – 1.4700 being a psycologial support/resistance point, AND the fact that it’s at the 61.8 Fib retracement level, consequently bouncing back up, and reacted to the 38.2 Fib line to the pip. Price has now come back down to 1.4808, and it seems as though it will test the 38.2 Fib level again later today.
It’s hard to say where the EUR/USD will head next. At this point, if you’re a long term trader, it would be safer to stay out. If anyone has any suggestions, I’d love to hear them.
