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Forex: EUR/USD on an upward channel after trading within a range

Mon, Nov 23 2009, 01:34 GMT
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FXstreet.com (Sydney) – The EUR began the week on the up and is now trading at 1.4889. The pair had earlier opened at 1.4854 posting an intraday high of 1.4900. The EUR/USD finds support at 1.4842, resistance at 1.4952 and is considered slightly bullish.

As reported in Forex Crunch, the EUR/USD had been trading between 1.4800 and 1.5050 for over two weeks. And while ranges don’t last forever, the timing of the breakout is difficult to predict. However, there is a long term upward trend.

There are economic reports of relevance coming out of Europe this week that could influence the pair. Jean-Claude Trichet speaks in Madrid today and later this week French consumer spending is released as well as final German GDP.

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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.