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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.
Click to View Chart
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.
Click to View Chart
Comment
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Comment by princess Todd on June 23, 2009 at 12:34pm -
Chart Analysis: EUR/USD
The Euro has followed the pattern of late of hitting the 1.40 mark versus the US Dollar, but then quickly backing down. With the US Federal Reserve expected to speak this week about how it will wind down its quantitive easing policy and a host of data expected from the US this week, we could see a break in that pattern if Forex online traders are not happy with the numbers or more important, the plan the fed unveils.
As you can see from the chart, the technical action continues to revolve around the 21-day moving average (represented by the blue line). To increase momentum here, the pair needs to close above the tip of that blue line (140).
To the downside, the obvious bigger focus remains the 1.3720740 support line that has been in effect since March showing how little this pair has moved even with all the volume.
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