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EURUSD: Trading near a long term level, waiting for breakout

Hope you all had a great and relaxed weekend because I think we could see pretty interesting moves this week.

The EURUSD is trading near a long term support level, 1.4517 and it has created a short term range in between 1.4540 and 1.4488:

EURUSD

EURUSD

We need a further confirmation in order to start looking for a trade opportunity.

My Trading Plan:

If the EURUSD breaks 1.4540 for the upside, I will be looking for long trade opportunities.

If the EURUSD breaks 1.4488 for the downside I’ll be looking for short trade opportunities.

I will do nothing it the Euro keeps trading in between the short term range.

Trade Safe!
Raul Lopez

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This entry was posted on Monday, January 11th, 2010 at 5:37 pm and is filed under Technical. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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