EUR/USD: The Euro closed the week at a record high
The Euro ended last week at its highest ever level against the Dollar. Cornelius Luca, economist at Global Forex Trading, adverts about the Euro’s overbought condition: “The overbought euro/dollar closed the week at a new record high. The market mode (up) only Tuesday and Wednesday, but this was sufficient to turn my model long. Be careful, this very overbought should see only choppy trading.”
Resistance and support levels, according to Luca, stand as follows: “Initial resistance is at 1.5585. Above 1.5904, resistance now comes at 1.5985. Distant resistance is now seen at 1.6040. Immediate support is at 1.5740. Below 1.5660, euro/dollar has support at 1.5540. This is followed by 1.5340. Distant support comes at 1.5150.”
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