Winners Edge Trading Daily insights

The Dollar has gained ground in today's trading but the momentum stopped when the pair hit the 1.4527 support levels. Mixed news on unemployment and manufacturing did not give the pair any clear direction. The lack of positive information is assisting the dollar because of fears that the recovery is not happening as expected. The current trend is down so keep looking for down trades until the trend changes.

The current resistance on a 4 hr chart is 1.4676 and the current support is .14525 This pair is considered to be in a range until it breaks out of either of these two levels.

4hr chart

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Today's movement in the Eur/Usd was small and not much room for trading unless you are a scalper. My system did not come up with any trades today. That's ok because I will be patient and when the market moves I will take advantage and make some big pips.

The current support held up at 1.4527 which we bounced off of and that was close to a .500 Fibonacci Retracement level. There is a descending triangle forming and if we break out of that we could drop to the next support level at 1.4475 or the .682 Fibonacci retracement level at 1.4432.

The current resistance levels to watch are 1.4600 and 1.4650 ...

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

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 ...

Casey Stubbs-- Winners Edge Trading



The EURUSD attempted to move higher yesterday but could now break the 1.4842 but further bullish momentum was rejected as the pair moved to the downside, closed at 1.4690. On 4hr chart below we can see that 1.4760 area is the new resistance level, and has moved below the top trading channel. There are several key news announcements for the Eur/Usd today. We are still in bullish scenario and see this bearish momentum just as normal correction. T

he bottom trend line shows a support of 1.4670 area and a move below that will have a support level of 1.4600. In your trading look for price action to bounce or break around those areas. That makes for entry points around ...