The Dollar has gained ground in today’s trading but the momentum stopped when the pair hit the 1.4527 support levels. Mixed news on unemployment and manufacturing did not give the pair any clear direction. The lack of positive information is assisting the dollar because of fears that the recovery is not happening as expected. The current trend is down so keep looking for down trades until the trend changes.
The current resistance on a 4 hr chart is 1.4676 and the current support is .14525 This pair is considered to be in a range until it breaks out of either of these two levels.
4hr chart *note Click on the chart to learn a trading strategy
The is also a descending triangle that is taking place right now which is drawn on the charts. Look for the price to bounce off or break through these levels to find good trade entry points.
Here is an outlook of Oct 1st news events on Forex Crunch.
Winner’s Edge Trading, as seen on: