Eur/Usd: Price Pattern Forming

Hello everybody! I hope you are all having a great weekend. The Non Farms Payroll came out on Friday and announced that the economy actually gained jobs last month. That is a positive indicator that the economy really is turning around and we could see some more economic growth in the future.

However this does not mean that the Eur/Usd is going to go down forever. The possibility of the Federal Reserve Raising interest rates could have a significant impact on this pair.

Right now there is a price pattern forming on the Eur/Usd, after the NFP announcement the pair dropped but the price stopped on the current upward trend line that has been forming. So our current trend on the 1hr chart is upwards until the trend line gets broken down to the down side.

Look at the 1hr chart below.

Trade Plan

I am going to long on this pair with a target of 1.3600

Stop Loss 13472

I will move my stop to break even when the price is up +15 pips.

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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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