Feb 13, 2009- 2:00 PM Est.
Casey Stubbs–Winners Edge Trading
The Euro is still trading in the range it was in last week. This has been two full weeks of consolidation trading for the Eur/Usd. The resistance level is at 1.3091 while the support for this pair is 1.2705. How long will this range continue to hold. Because of the stability of this price range over the past couple of weeks traders that have a range trading strategy have been seeing some good profits. Moving average strategies do not work in this environment because as soon as the crossover occurs, the price turns and goes back the other way. So the best way to trade this is finding support and resistance levels and when the pair hits that level and turns it is time to enter.
One thing to note is that the range is getting smaller and we are forming a descending triangle. That would signal that we are due to have break out with this pair soon. So be ready for it, when it breaks it will happen quickly. With the descending triangle forming I would think that the break out will be to the 1.2500 level however, as always I will wait for the break to occur before I make any trades.
If the pair does go through the top we have targets of 1.3091 then past that to 1.3331.
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