EURUSD 12-5-06

12-5-06

EURUSD

The first trading day of December for me was mixed. The EURUSD opened the day higher and hit the area of supply near 1.3360. The bounce at 1.3325 never happened, so the long trade was stopped out -10 pips. The EURUSD is trading in a range between 1.3335 and 1.3290 so far this morning. If the 60 minute candle closes below 1.3315, the EURUSD will possibly extend the trading range lower to the breakout line at 1.3271. I will wait for the range to extend to the 1.3250 breakout area to enter a long since the areas between the buyers and sellers are narrowing. Since we are in a range again, my first target on the long trade will be 1.3315 and the second target will be 1.3335.