Forex Trader

Tough week for the euro. The pair opened this week at 1.1445 and went up only 1 pip, after wich has start to slide down and ended the week at 1.1007. Interesting is that, there wasn’t stronger support until 1.1060, the previous support from begining of May. Rebound has stoped at 1.1200 and after slightly better then expected US CPI, the euro was literally smashed. 1.1060 could no longer stop the USD bulls and the pair reached the H4/MA200 at 1.1000. It seams that, US dollar buyers have waited any news to return in to the US currency. Well, this level was strong resistance from March/April and if we take a look at daily chart, the level looks broken, which can easily become resistance again. But, this ‘scenario’ could be possible as well, take a look at my analysis from May 19. For sure, we will see the furder development soon.