As you may have read in my previous post the Dow Jones Industrial Average was breaking the 9000 barrier last week driving the EUR up against the USD, not as much as I actually expected signaling that even investors now realize the Euro is a heavily overbought currency and is bound to be on it's way down. The question is by when. In my opinion this relies pretty much on what's going to happen on wallstreet upcoming trading week. I advise to use caution. It looks like investors are still not used to see green numbers and this is affecting the EUR/USD a lot at the moment. As you can see on the chart below, trading at the moment in a sideways market the pair is tapping resistance level frequently but is failing to break the barrier.
I'm not going to do any trading this week since I'm on vacation right now! That's right! I'm typing this blog from my hotel room, but I will be following the markets this week.
For all of you that do trade this week, good luck and happy trading --