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Casey Stubbs- Winners Edge Trading
Last weeks trading for this pair was in a range of 300 pips. For the coming week we have two strong levels that could give an indication of which way this pair will be heading in the future.
The resistance level to watch for next week is 1.3740. If the US Economy recovers and the stock market continues it’s gains then I think that we will surpass this level in the next week and possibly move to the target of 1.4000
The support level for this pair is 1.2886 and that hit on April 20, 2009. If that level gets broken to the downside we could see a target of 1.2600 or lower. This would be more likely to occur if the US economy continues to erode.
If you look at the daily chart, we are on a long term down trend which the price bounced off of the trend line. So I would be watch the pair to challenge the 1.2886 support level next week.
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