Winners Edge Trading Daily insights

In trading on Friday the Eur/Usd didn't make it to the previous high of 1.4842 instead it turned at 1.4818 and went south rather quickly. That indicates to me that the Dollar could make a comeback over the next week. There is some important news reports to watch this week. Before trading this week make sure you read the Weekly Forex Outlook at Forex Crunch. This will give you all the important news updates that will impact the currencies during the upcoming week.


The current price is at 1.4708 after falling most of the day Friday. The next support level is 1.4668 and 1.4652 If the price breaks those two levels ...

I normally write about the Eur/Usd but here is a great opportunity that I could not pass up sharing with you all. There is a double top chart pattern forming.

The resistance level of 1.6125 on Sept 30 2009 is being approached right now. This is a key resistance level as the Pound attempts to break out of the current down trend that it is currently trading in. If this fails the price could go all the way down to 1.5850 and beyond.

If the price breaks through the top we could see a target of 1.6400.

4hr chart *

Trade Setup

If the pair bounced off of the double ...

The pair has been bullish the past couple of days as yesterday the Eur/Usd bounced off a key support level of 1.4480. After that the pair has move back up rather quickly and we could see a retest of the previous highat 1.4842. So the way to trade this is to look for a break of the 1.4842 level and at that point the target is 1.5000 a key Physicological level.

4 hr chart


This bullish trend could continue for a while so be certain to look for buy opportunities while the pair is trending and do not short until there is a change in the overall trend.

I want to thank all of you traders ...

This was a strong week for the dollar. This week the unemployment news was worse than expectedand the unemployment rate which was a contributing factor to dollar weakness. Read about how this current lack of jobs in the United States is hurting a possible economic recovery.

Before we begin to look at the charts lets get ourselves familiar with what economic news is coming up this week by reading the weekly forex update at Forex Crunch. The PMI is supposed to climb above 50 indicating an expanding economy that will be an important new update to watch during trading. If the manufacturing is improving and jobs are declining ...