It is hard to read to much into Friday afternoon price action just ahead of the Christmas holidays but EUR/USD is staging a rebound just as i did yesterday, just from a somewhat lower level. For those brave enough to trade, we suggest fading rallies while the EUR downtrend remains very strong.
If you have an itchy trigger finger, you can sell against 1.4400/10 highs but better to wait for a rebound toward the hourly downtrend which is now at 1.4455. Set a stop above 1.4500. 1.4175 makes a lovely target, a support area from early September which coincides with the 200-day moving average.
