EURUSD 12-22-06

12-22-06

EURUSD

There was a long trade triggered in the EURUSD from the email on Wednesday afternoon at 1.3276 since it was a breakout trade that was ready to happen while I was writing the email. There was a pullback after I sent the email to 1.3175 for entry, but if you took the second pullback to 1.3175, it was a 10 pip loser since the EURUSD extended the range down to the 1.3150 area. The first target was reached at 1.3298. The EURUSD has traded in a range between 1.3206 and 1.3150 now for the last two days. It has formed the same area of breakout support at 1.3175 to buy on a pullback, and the area of supply at 1.3206 is going to be tested for the second time. I will pass on trading this small range for today. If you decide to trade the pullback to 1.3175, use a buy stop at 1.3176 once the EURUSD trades below 1.3175 and a 10 pip stop loss after entry, Your first target is 1.3206 and the second target is 1.3219. Move the stop loss to entry after the first target and to 1.3190 after the second target.