Eur/Usd: Bullish Move In Play, We Could See 1.4700

After making a strong breakout of the trading range yesterday the Eur/Usd now has a target of 1.4700 which is the new resistance level. The support level is 1.4450 and 1.400

If the target resistance level of .4700 is taken out the target price would be 1.4856 which was hit on September 21, 2008 Which you can see I circled that on the daily chart.

Daily Chart * note clicking on the chart will show you information for a premier charting system.

Trade Setup:

Watch for a bullish move of of yesterday’s momentum. Keep your eye for a bounce of of the 1.4450 or 1.4400 support levels.

It might be possible to enter long after a bounce off of the support levels or off a bounce off the lower trend ine. If the pair makes a strong upward move past yesterdays high of 1.4531 that might be an entry signal as well.

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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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