Euro Dollar Stagnant
by Trader Rich
The EUR/USD hasn’t done much since overnight yesterday when it declined downward. It sits at 1.1977 for a 75 pip unrealized profit for me. I’m reading that there are stops at 1.1960. I’m actually projecting the price to reach as low as 1.1955 before retracing.
It looks like technically, if a breakout doesn’t occur, the EUR/USD will range trade this week between 1.1955-1.2100. I still think that the dollar can remain strong the rest of this year as we should expect at least 1 more interest rate increase this year. If a breakout does occur to the downside, as the right triangle formation would indicate, the EURO could continue to decline to 1.1400.
Read more for daily graph.