Will the Market Run Higher? Watch the Euro/U.S.Dollar

EURUSD - Euro/dollar Approaching Key Support near 1.3500

NEW YORK (TheStreet) -- The euro against the U.S. dollar has fallen significantly lower so far this week as it continues to work its way lower from the key resistance area up between 1.3675 and 1.3700.

As this market is trading in a range right now (condition where price bounces between a support and resistance level), we are keeping a close eye on price as it nears the trading range support near 1.3500. If this level holds and price forms a price action buy signal, we could see the market make a run higher in the coming days, back up toward resistance. However, if price flounders near that support and breaks down through it, it could lead to more downside movement in the coming days.

EURUSD-July-16-2014

Copyright 2014 - LearnToTradeTheMarket.com

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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