Forex Market: EUR/USD Continues Wide Range Consolidation

Forex Traders Face Crushing Losses on GBP/USD Short Positions

Friday June 12^th – EUR/USD at 1.4032 7:00a.m. New York

In my last commentary, the specific levels of support and resistance defined eur/usd trade over the past 30 hours. Many traders have asked how I determine those levels as sometimes the levels I issue do typically not exist when issued but most often end up forming new pivot points. This occurs after one of our primary trades as occurred (the last bear trade)

This is a key reason why my Forecast, which I commonly refer to as my roadmap, always helps to offer many additional trading opportunities outside of the primary setup I focus on a few times each week. Over the next few months, I will be extending my roadmap to include smaller time compression trades that may occur once or twice per day: Those types of trades are often driven by the Forecast (map) I issue.

Currently, the EUR/USD is mired in a wider than normal level of activity. This will change soon as the average value has greatly merged and such a confluence of price always leads to the next primary trade I like to focus on.

Resistances: immediate at 1.4057, 4085, 1.4103-09, 1.4147, (a bull T2 at 1.4204), 1.4277 and then 1.4329

Supports: immediate at 1.4011-03, 1.3972-54, 1.3912-03, 1.3887, 3844 3822 and then a (new Bear T1 at 1.3777)

I have no new Trade Alert just yet but within a session or two, I hope to see something develop.  Have a good day, and good trading to you.

Britt Maras – Senior Currency Strategist

This entry was posted on Friday, June 12th, 2009 at 7:18 am and is filed under Forex Market Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.