6:26a GMT - No entry on yesterday's signal around 1.4930 as the pair once again bounced off of 1.4955 support before rising for a quick 60 pips. The pair entered this 1.4950-1.5050 range on 11/9/09 and has not been able to break free yet as investors try to decipher some of the confusing fundamentals that are coming out of the market. Technically the pair has been in a strong uptrend few days and past couple months, and on the daily chart we still have what looks like a bullish flag consolidation pattern so the bias is up. Therefor I will continue to look for buying opportunities at the range bottom around 1.4950.

Trading Idea: Looking for buying opportunities around range support at 1.4950 with targets at 1.4985, 1.5015 and 1.5045.

Now that you what I think the EUR/USD will do for the day, I'd like to hear what YOU think the pair will do for the day. Select an answer from the poll below and see what the PipHut community thinks:

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Forex Signals - EUR/USD Range Trade is a post from: PipHut.com