We are in the 4th week of October and with the debt ceiling issue resolved for the time being, I decided to take a look again at the weekly time frame of the Euro Dollar.
Take note that today, NFP figures will be released and it will have a effect on all US dollar currency pairs. Don’t expect pairs to break tight ranges prior to NFP release.
Now, lets look at the euro dollar weekly chart below.
Looking at the weekly time frame, last week closed with a bullish candle and we can expect a bullish continuation this week and the next before seeing some resistance around the 1.375 price level.
On the down side, the 1.35 level is a major support and we will see some buyers coming in at that price area if ever price decides to pay a visit at that price level.
All the best to your trading!