The price on the Eur/Usd In early morning trading has been in a tight trading range. A possibility for this is that traders are waiting for the pending homes sales news announcement at 10:00 am Eastern time. The expected result is 0.0% change which with all the contraction as of late that number would actually be good news. Traders should watch the news announcement and if that number comes out at no change or better, I would expect to see the euro gain strength against the dollar. So if that pending homes sales comes out worse than expected that could possibly be a driver for the dollar to rise against the Euro.
The recent resistance level on the Eur/Usd is 1.2900 so if the price breaks through that you might see a target rise up to another resistance level at 1.3012.
On the downside the support is at 1.2704 so it the pair drops below that the target could be the next support level at 1.2550.
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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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