To all of my friends and readers of Winners Edge Trading we wish you a happy holiday season and hope that you all enjoy the time to spend with family and friends. We will not be posting until this weekend as we are going to be spending time with our families as well.
The Eur/Usd has had little action in light volume due to the Christmas Season. The pair recently bounced off of the bottom of the downward moving trendline drawn on the daily chart. The current downward trendline is very steep at the moment and this current pace cannot continue and is getting oversold. Be looking for the price to break that trendline on the daily or 4hr chart.
4hr chart *Click on the chart to learn about our premium trading service.
When the price breaks that is an excellent time to look for a short term long position. The pullback could challenge the 1.4400 or 1.4500 levels. There is also some resistance at the .382 Fibonacci retracement level which is at 1.4569.
The current trading conditions are not good due to low volume so I would look for trading to be light until the new year.
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