Eur/Usd: Breakout May Be On The Way

Today’s movement in the Eur/Usd was small and not much room for trading unless you are a scalper. My system did not come up with any trades today. That’s ok because I will be patient and when the market moves I will take advantage and make some big pips. 🙂

The current support held up at 1.4527 which we bounced off of and that was close to a .500 Fibonacci Retracement level. There is a descending triangle forming and if we break out of that we could drop to the next support level at 1.4475 or the .682 Fibonacci retracement level at 1.4432.

The current resistance levels to watch are 1.4600 and 1.4650

4hr chart *note Click on the charts to learn about a trading chart system

Eur/Usd Trade Setup

Watch for a break of the descending triangle if the price breaks to the upside look for a target of 1.4650. If the pair drops to the downside look for a target of 1.4475 or below. Make sure you follow your trading plan and money management.

Also Yohay is back from vacation so go over there and welcome him back plus he provides information about upcoming news events that all traders must be aware of before entering trades.

Please post your trading adventures and ideas here as it is helpful to all to hear about different methods of trading.

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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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