Eur/Usd: Possible Move To 1.4626 Ahead

The pair has been trending down since the surprising NFP news released last Friday. Today’s trading is in a bit of consolidation and we have hit a shelf or bear flag forming with a possible break to the downside. The target that should be in place is 1.4626 because that is the next key support level that was met on October 2. If we break down below that point we could be in a stronger dollar bullish scenario.

Take a look at the 4hr chart. *Note Click the chart to learn about our premium Forex Service

I would anticipate a drop from here to the next support level. There is going to be a large volume on news releases for Wednesday December 10, 2009. The best way to find out what is what with the news is to read the December 10 daily outlook from Forex Crunch.

Be ready for the news and as always when the markets are moving quickly it can be difficult to trade and you can get your stops met quickly but it is also one of the best days to be profitable.

The following two tabs change content below.
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.

Winner’s Edge Trading, as seen on:

Winner's Edge Trading in the news