EUR/USD Outlook for Feb 24

A Return to Volatility…

Tuesday saw a turn of volatility relative to the quietness of Monday.  The break above 1.3660 was short lived, and collapsed back through the former resistance level, erasing the possibility that a minor uptrend (within the larger downtrend) was emerging.

If we zero in the last two weeks, we see a generally ranging market, with a bias to the downside as the overall trend would indicate.    Movements, as mentioned yesterday, can be erratic and signals based on insignificant support/resistance within this range provide lower probability signals.  The EUR/USD is a trending currency pair, and therefore I personally prefer to back off during times like these, and wait for a larger trending move – even when short-term trading (but that is just me).

Overall, 1.3700 is now the swing high to pay attention to, as well as the swing low at 1.3440.

Some resistance is likely 1.3580-1.3600 and 1.3660 once again.  Support comes in just below 1.3500 followed by 1.3480 and 1.3440.  Target beyond is 1.3400.

Below is one of the top free forex videos I placed on the site! The FREE video, or something else on the video site, is really resonating with new forex traders.  I have been posting this video on and off for over a month and I continue to get emails from traders saying they found it “great”…”eye opening!”  I think it is that all of the traders starting out have the same experiences as the speaker reminisces about, so it makes sense what is being said.   If you have not had the chance to check it out I recommend doing so quickly.

Check out this “strange” Forex video here:

http://www.customforextrading.com/y/?i=1083859&u=3&l=f15

Cory Mitchell, CMT

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