EURUSD 12-15-06

12-15-06

EURUSD

The selling continued yesterday in the EURUSD down to the daily chart low of 1.3128 of the 1.3128 to 1.3364 trading range, with the weekly low of 1.3095 the next target. The long trade at 1.3202 was not entered since the bids at 1.3200 moved down to 1.3184 and the EURUSD never moved above 1.3200 for the rest of the day. The EURUSD should hold the weekly low of 1.3095, and I will enter a long trade on a pullback to 1.3095. My first target is 1.3140 and the second target is 1.3170. Move the stop loss to even after the first target and we will see if the dollar rally is going to end, and the EURO is going to rally into the end of the year. I am out if any candle closes below 1.3100 with a 10 pip loss after entry. If the EURUSD does not hold the weekly low, the dollar rally will continue next week.