Friday was a tremendous day for the Euro as the pair bounced and tested the 1.3500 level which it closed at on the end of the day. However the pair is now sitting at a strong resistance level which could slow the upward climb. The level just went through the .618 resistance level on the Fibonacci of the last strong move. Now it is currently sitting at the R3 daily pivot level.
Fxcm just updated their trade station charts and I am enjoying the new tools, Plotting pivot points is one of those tools just added and I am glad they finally got that on the system. So lets see if my new tool will help me in my trading. If you want to sign up for FXCM broker account through Winners Edge Trading we offer a .3 pip rebate per trade put back into your account at the end of the month. Sign up here to get your pip rebate.
So lets look at the 1 hr chart. *Note click on the chart to learn about our premium trading service.
The price is at the psychological level of 1.3500 and at the R3 daily pivot level. I will be watching for the pair to bounce off of this resistance point. If the price continues to move through 1.3500 the next point of resistance will be 1.3600 which is the R4.
Read the Forex Weekly Outlook by Forex Crunch for more information about every currency pair.
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