EURUSD 11-26-06

11-26-06

EURUSD

Hope everyone had a nice Thanksgiving.
The EURUSD ended the week near 1.3100. The last place that the EURO based below 1.3100 was near 1.3070. If you are still long from 1.2943, move your stop loss to 1.3063 to lock in 120 pips on the last contract from this trade. The next area of supply is near 1.3156.
If you are looking for an entry, you have to be willing to risk over 30 pips for a stop loss if you buy right here. We have been talking about the possibility of a strong trend trade developing in the currency markets for a month now and with the 1.2943 entry in the EURUSD and the 1.8944 entry in the GBPUSD, we are in good shape to ride it as far as possible.