The 1.4825 level is an extremely strong support area as that level has been tested five times in recent weeks. The 1.5000 level is a strong resistance that has been tested several times.
Which ever way the pair decides to go since these support and resistance areas are very strong it will probably be a significant indicator as to which way the trend will move for some time. Keep your eyes on these levels and attempt to do range trading until a clear pattern emerges. Range trading can be profitable and the pair follows a pattern that can be useful to find trading entries. Make sure that you keep watching important news releases because an important news story is what might send this pair in one direction or another.
Read Forex Crunch to stay current with all of the news reports that are coming out each day.
As shown on the 4hr chart below, the Eur/Usd has been trading in a channel after a strong upward move before that.
4hr Chart *note click on the chart to learn about a charting software.
If you would like to have a quick access to future Eur/Usd reports sign up to the RSS Feed by clicking the link.
Latest posts by casey (see all)
- Using a Forex Checklist to Develop a Good Trading Habit - September 25, 2017
- Learn why using a 2:1 Risk to Reward Ratio can increase profits - September 19, 2017
- My Personal Trading Plan Reviewed by Trading Expert Kim Krompass - August 4, 2017
Winner’s Edge Trading, as seen on: