Eur/Usd : War between bulls and bears

Bears have been dominant on eur/usd since mid October , , However , there is a new bullish trendline is in formation since mid November after finding the low at 1.1210$. Those who have been trading euro for the last 3 years , will definitely recall that famous resistance and support area in early 1.12$ and it has proven its reliability once again.

Euro rallied on friday after Non farm payroll report which missed the forecasts while unemployment cam flat at 3.7% , However , the bearish trendline stood still against this rally and euro gave back those pips to fall again to 1.1390$ from 1.1425$ .

Euro may find support again at 1.1330$ area where it may meet the red bullish trendline . On the upside , breaking the bearish trendline will open space for retesting 1.1520$ again.

I recommend going long again from 1.1375$ area .

Comments

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