After trading in a range for the month of November, the Eur/Usd moved through the resistance of 1.5062 up to the 2009 high. This is bullish sign for the Euro indicating that the current trend will continue.
The breakout happened one day before US Holiday of Thanksgiving on a day when a large supply of news items was released. On Thanksgiving day we can expect light trading due to the US traders taking the day off to enjoy time with their families.
Lets look at this wild break out.
1 Hr Chart *note click on the chart to learn about a trading strategy
After the break out there was a stall and rest of the support level and then the price shot up quickly to make highs for the year of 2009. The top price on the day was 1.5146 and that was acheived at 3:00 pm Est time.
So now we will watch the resistance level of 1.5062 and look for the pair to continue to move up for the rest of the year.
On another note keep your eyes on this blog over the weekend we have been working hard to bring some new trading tools and we are planning on releasing them over the weekend and I think that you will be please with what is going on.
Winner’s Edge Trading, as seen on: