Eur/Usd Trading In A Channel

The Eur/Usd has been in a tight trading range since yesterday the pair has challenged the 1.3930 resistance level 3 times. The pair has challenged the support level of 1.3800 twice.

Watch those levels in your trading, if the resistance level of 1.3930 gets broken look for a target of 1.4100. If the support level of 1.3800 gets broken look for a target of 1.3750.

The news to watch is the unemployment claims report coming out tomorrow. If none of these levels are broken by then that could be a good time to find an entry point. Remember that risk aversion is not strength for the dollar anymore so a bad report should be positive for the Euro. However we never know how the pair will react so watch what the pair does and see how it reacts.

Get more information on news at ForexTVBlog There is a useful post there about news.

10 min chart:

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