EURUSD Report & Trade Setup

FX:EURUSD   Euro / U.S. Dollar
56 1 1

The EURUSD             failed to close above major resistance this week which go's back over ten years. It is also worth mentioning that the USDOLLAR             Index itself is at major support.

With the continued decreasing popularity of the USD I am still bullish on the EUR but it is quite possible that we may experience a pullback to the 200MA, this would be a great place to go long with the opportunity to add to the position once we break through the area of resistance that begins at 1.12300.

After we clear the near term resistance expect a move back upto 1.2 which is another major historical level.

Heres a look at the USDOLLAR Index
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