As it stands right now as I write this, the EUR/USD is still in a small range just above 1.4700.  Nothing has changed since yesterday…here is basically what I said for Thursday and it still applies for Friday:

Unless the resistance area at 1.4780 is taken out, and ultimately 1.4900, the eur/usd is in correction.

That of course does not mean there can’t be a move higher…there can, and it may still fall short of 1.4900.  Movement above 1.4780 is likely to target 1.4820, 1.4840 (both of these are minor resistance points) and if it continues then 1.4860.  Movement above this point will run at the former swing highs at  1.4890-1.4900.

Short-term trend is down and first minor support comes in at 1.4720 with a drop below targeting 1.4700.  No real confirmation of a further decline comes until the rate moves below 1.4660.   This would target 1.4625 followed by 1.4600-1.4580.  1.4560 and 1.4530 provide support beyond if the pair continues to fall.

Have a great weekend.  And for you stock traders I will have the weekly S&P analysis posted on the weekend so you will have a guide heading into next week.

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Trade in the direction of the trend but do not become attached to it.

Cory Mitchell, CMT
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