Looking at the EUR/USD currency pair, resistance at 1.4900 was very much respected by the market on Monday.  Heading into the Tuesday around the world, 1.4900 again is an important level.  For forex traders a break above this level indicates a move towards 1.4920 initially.  Getting above 1.4930 indicates another upside target of 1.4950-1.4960.

Further selling is a definite possibility and a move back below 1.4800 will give us our first indication of that.  Support is at 1.4780 and 1.4760.  1.4750 is the next level to watch.  A fall through there indicates further selling with little support until 1.4700.

Average daily range has climbed slightly and now sits at 140 pips/day.

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Forex Trading Explained: This is an eye opening book about the forex industry.  “If you really want a surefire way to lose your money in the forex market, allow yourself to fall prey to a forex marketing wizard!  Let me explain to you once and for all how to make real money with online forex trading.”

Cory Mitchell, CMT
Chief Market Strategist
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