Eur/Gbp: Have We Hit A Temporary Bottom?

This post is going to cover the Eur/Usd and the Eur/Gbp on a video that I filmed showing a live trade that I made. The Eur/Usd has broken through support at 1.4200 and looks like it is going to continue to drop. The best way to trade this pair is identify key support and resistance levels and put on buy and sell orders after the price bounces around or breaks through those levels.

The current support level for the Eur/Usd is 1.4000 we could get some consolidation in this pair before the move continues down especially if we continue to get mixed or poor news from US economic data. Check out the news for today’s trades by visiting Forex Crunch.

The current sentiment for the Euro is poor but we could be getting a slight temporary bottom on the Euro today.

Here is a 4hr chart of the Eur/Usd that shows a 4hr bounce forming right now. Look for a pull back before the pair continues lower.

4Hr Chart   * Click on the Chart to learn about our trading service.

There is consolidation at the bottom of this run and we may get a retracement from here before we go lower.

In addition I filmed a short video detailing a medium term trade that I made on the Eur/GBP because I am attempting to buy a pull back.

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Casey Stubbs is the founder of Winners Edge Trading, which is one of the most widely read forex sites on the web. Winners Edge Trading has trained thousands of people to trade the Forex markets.

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