Quote of the day: If voting changed anything, they’d make it illegal. – Emma Goldman
EURUSD
Trading strategy: looking to sell on pullback to 1.3100, stop at 1.3160, 1st objective at 1.3050, 2nd objective at 1.2950.
A minor correction is underway as the dollar is softer across the board, especially against gold and yen. Although gold breached above both 1370 and 1380 yesterday and is aiming towards 1400 again – the euro doesn’t really follow as concern mounts that the Euro-Zone’s debt problems will spread. Therefore, 1.300 remains under pressure and a sustained break down within the coming days seems likely. Should the euro recover some of last month’s losses – resistance may cap the upside within the 1.3150-1.3200 region or around 1.3500 later. Meanwhile, it is reasonable to sell on signs of upside pullbacks exhaustion around 1.3100 and/or breaks lower, below 1.300. Today’s notable events in the economic calendar are the Nonfarm Productivity and ISM Manufacturing Index. Current exchange rate is 1.3027 @07:07 GMT
Support: 1.300, 1.2950/70, 1.2900 and 1.2800
Resistance: 1.3075/00, 1.3150 and 1.3200
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – neutral
- EURUSD hourly forex chart 12-01-2010
Other trading setups
Gold
- XAUUSD 4hrs chart 12-1-2010
EURGBP
- EURGBP daily forex chart 12-1-2010
USDCHF
- USDCHF 4hrs forex chart 12-1-2010
Have a great day and good luck trading
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