Mid Term Review

The EUR/USD has already dropped to key support at 1.4725 and has bounced back up. The pair is most likely going to continue moving in a sideways range between 1.4725 and 1.4875. If some other piece of bullish USD news does happen to come out within the next day or two, the EUR/USD may drop down to support at about 1.4625, but that is where the buck stops.

You will see similar movement with the USD versus the Japanese yen (JPY) and the CHF. Both the USD/JPY and the USD/CHF have risen to key levels of resistance and will most likely turn back around and fall back into sideways trading ranges.

Don't try and chase this bullish USD move just yet. You will find some trading opportunities as these pairs trade in their ranges, but you should keep you time horizon on your trades a little shorter.


Taken from http://www.truenorth-forex.blogspot.com/