In yesterdays market commentary we spoke about the EURUSD breaking out and getting ready for a move to the next resistance area. To read that post see HERE. Price during yesterdays sessions moved higher into the Very Big Round Number of 1.300 closing near the sesssion highs.
Price may find resistance at this level as it has been a proven level in the past for price to stall at and reject. If that happens price may move lower and give traders a chance to get into this up-trend. If price moves through this resistance level the next level that price may look for is around. 1.3140. The best play in a roaring up-trend like we currently have on the EURUSD is to wait for signs of weakness and treat them as opportunities to get long on board the trend using Price Action as confirmation.
EURUSD DAILY CHART – 14 SEP 2012
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