Euro vs Dollar - Daily Spot Chart EUR/USD

Euro vs Dollar - Daily Spot Chart EUR/USD

Yesterday’s wide spread up bar added further momentum to the recent surge in the euro dollar as it powers higher and looks set to reach our initial target of 1.40 either today or Monday, and if so we should see the momentum continue next week with a possible move to 1.43 or even 1.45 by the end of the week.   For those of you who have been following my trading suggestions for the last few days you now have two options: either move your stop losses up to lock in your current profits, or close out your profitable positions today ahead of the extended national holiday in a number of countries, and look to rebuild long trend positions next week aiming for the initial upside target as outlined above.  With all three moving averages pointing higher and with continued and sustained dollar weakness expected to continue, there is only way that the euro dollar is travelling at the moment and that is due north and with little resistance on the daily chart between the current price level and the 1.45 price region I see no reason why this should not achieved sooner rather than later.

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