Eur/Usd: Euro Explosion Today

Casey Stubbs– Winners Edge Trading

3:30 pm Est

The Euro had a huge move today and passed several key resistance levels in a few hours. The pair was reacting to a statement by the FOMC and positive moves in the U.S. stock market.

So where do we go from here?

We still have not hit the .50% retracement level on the daily chart from the high of 1.4700 in December of 2008. I would watch the .50% level and expect the pair to bounce off of that and move back down to more lows.

We will not know if this is a real rally or not unless we pass that level which is 1.3600

So we could see this bull rally for the Euro end shortly.

Daily Chart

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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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