Eur/Usd Technical Analysis May 18 2010

Technical analysis of the the Eur/Usd: The price of the Eur/Usd went Down in todays’ trading session. The first level of support is now at 1.2137 and the first level of resistance is 1.2419 These levels could play an important part in future price action. Keep an eye on a bounce off of or a break through on these support or resistance levels. Support and resistance levels are important when deciding when to enter trades and it is a good idea to always know where they are at, before entering a trade.

1hr Chart

Eur Usd

Eur/Usd 1hr Chart

If you look at the chart you can see that there is a descending triangle forming. A profitable trading strategy with wedges is to enter the trade in the direction of the price breakout. We identify trading opportunities like this everyday in our premium trading room.

When entering a trade it is important to put your stop losses in place so that you are not over leveraging your account. Keep your risk at the levels that you previously planned according to the trading.

Also when trading the Eur/Usd it is a good idea to watch what is going on in the news, a great source of the most recent trading news in the Eur/Usd is Forex Crunch. Another location to find Eur/Usd


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