The EURUSD fell back to 1.3650 after hitting a resistance at the 1.3700 handle. The pair rallied all the way up there last Friday after touching a low of 1.3530. Though if you notice, the move was a little bit over extended and was bound for a correction sooner or later. When the pair hit 1.3700, conditions were already overbought as indicated by the stochastics. I could have shorted it right there but I decided not to because I was unsure of the market's sentiment today. The weaker-than-forecast German industrial production (0.6% vs. 1.1%) added some more selling pressure on the EUR.
Leave A Comment
Please sign in to comment.