Eur/Usd: We Are Now In A Channel

After the tremendous movement in the Eur/Usd we have seen some slowdown in the upwards movement and we have a support and resistance channel that has been formed that will offer traders easily identifiable trade entry points.

4hr Chart *note click the chart to learn about trading software.

On the 4hr chart we can see that we tested the 1.4840 resistance area twice and we have also traded the 1.4600 support area twice. The pair is in about a 200 pip trading range and there could be some nice range trading opportunities here or we could see some trending if the support or resistance levels get broken.

Trade Setup

Watch for a bounce or break off of the 1.4600 support level if there is a bounce consider a trade entering long with a target of 1.4800 and if there is a break look for a short with a target of 1.4500

My trading last week:

Last week was a profitable week trading my system. I did end with a down trade because I got stopped out. View my log to see the stats.

You can also get some great views on the Eur/Usd from an idea of a head and shoulders pattern from the LFB In addition to that The Geek Knows talks about the Eur/Usd and compares it to the S & P 500.