EURUSD 12-7-06

12-7-06

EURUSD

Yesterday we missed our long entry at 1.3247. The area near 1.3247 has quite a bit of demand since the buyers in the area were willing to pay up to 1.3254 to buy EURUSD in the auction process. Anyone who trades with buy and sell stops will often miss these trades, but I will make a note that the 1.3247 area is a very good place for a long entry in the future. This morning, the EURUSD is working on forming a breakout area at 1.3215. If the 60 minute candle closes above 1.3215, it will be an area to buy on a pullback for a move to the top of the range at 1.3362. I would buy the pullback if the EURUSD can trade up to 1.3334 before the pullback.