Good day Forex Traders.
Lets look at the chart below.
Looking at the charts we can see that eur/usd have bashed through resistance level 1.3337. So, is the pair going to head higher or will there be a correction to take the pair lower? I think that the higher probability trade at the moment is to short the pair. Indicators such as the MACD and Stochastic indicate that the pair is quite overbought. I expect the pair to retest the last resistance at 1.3337. If that breaks lower, we can see the pair heading back to 1.33 levels.
I will be monitoring this pair as the FOMC decisions yesterday have really caused this pair to spike upwards. I am looking to take a quick short position once I get the confirmation signals from my system.
Singapore Trader’s Forex Blog