Eur/Usd: Bull Flag Forming

Monday – Feb, 9 2009 7:30 Est

The Euro had strong gains verses the dollar in today’s trading and closed above key resistance levels. The pair is forming a bull flag pattern and could be ready to break out to the upside. The key support level is 1.2871 if the price bounces off of that level that could be an excellent opportunity to go long. The key resistance level is 1.2994 and 1.3094 .618 fib level. The 1.3094 is an important resistance if the price pushes through that we could see higher gains for the euro.

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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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