Eur/Usd: Opens The Week Higher

This week the Eur/Usd opened above the 1.5000 level which is above the strong resistance level that the pair has been around. Now that the price is above the 1.5000 that is the new support level to watch for another breakout move. Today is the last day of November and the close of today’s trading session is important because if the price can hold above the 1.5000 price that will be a strong signal for more bullish price action for the month of December. If the price drops below 1.5000 that is a signal that the price could not hold that level.

Trading has been impacted by the Dubai Crisis which took place last week and now the prices have leveled out we will see how the news will impact the pair long term.

Right now we are on a up trend and you can see from the 10 min chart where the blue trend line has been drawn.

10 Min Chart *note click on the chart to learn about our premium website

If that trend line breaks to the downside then we can look at a target of 1.5000. That would be a nice 30 pip profit to start the week. If we get a bounce off of the trend line with a move to the upside the target would be 1.5100.

For all of your trading news this week read the forex weekly report at Forex Crunch.

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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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