Quote of the day: The first panacea for a mismanaged nation is inflation of the currency. The second is war. Both bring a temporary prosperity. Both bring a permanent ruin. – Ernest Hemingway
EURUSD
Trading strategy: standing aside
Support around 1.3900 held and the euro holds recent gains near the 1.400 handle, maintaining a bid tone on both short-term and intra-day basis. It failed to close above 1.400 last week but it is Friday again, so let’s see if this time is any different. As long as support into the lower regions such as 1.3800 is intact, buying on breaks higher or pullbacks to intra-day support levels are probably the best things to do. Yesterday’s plan to buy on the rally above 1.3950 was good, but not perfect, as the 2nd objective wasn’t reached. These days main event is the G-20 summit in South Korea, as the ‘currency wars’ issues should be addressed. Except for the G-20 summit, today’s economic calendar is lighter – German Ifo BCI being the most important data release to influence the euro. Current exchange rate is 1.3954 @05:38 GMT
Support: 1.3900, 1.3850, 1.3790/00 and 1.3600/30
Resistance: 1.400, 1.4050, 1.4100 and 1.4150/60
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intra-day – slightly bullish
- EURUSD 4hrs chart 10-22-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 10-22-2010
AUDUSD
- AUDUSD 4hrs chart 10-22-2010
EURCHF
- EURCHF 4hrs chart 10-22-2010
Gold
- Gold 4hrs chart 10-22-2010
Have a great weekend!
Morning Liviu,
Was the cat near your keyboard again today? The EURCHF chart is in fact an other AUDUSD chart :)
The real EURCHF is breaking above resistance at 1.3480 and it seems to go higher. Are you still in the EURCHF trade and still hoping to go through the roof?
Oh! Thanks for the notice. I fixed it now :)
Yesterday I had a trade on EURCHF which I closed for 80 pips. Today I entered long again at 1.3520 with initial stop at 1.3460 but I will probably close manually if it starts falling like a rock (it used to do so a few times in the last weeks).
Are you into any trades?
Just got into EURUSD long at 1.38850.
good luck!
skyrocketing EURCHF. go go, I wish it won't stop until 1.6+ :D
Do you have any JPY trades on, Liviu? I'd like to go long CHFJPY.
nope, I don't. I'm mostly watching this week… and I will probably jump in next week if dollar resumes falling on QE2.
I'm long EUR and AUD (medium term). Also buying EURCHF on breaks higher (short term and intra-day)
p.s.: DON'T buy the CHF! I'm heavily short CHF on long-term and badly hit since it fell below 1.5 last year. I'm recovering now… slowly, slowly…
If I ever see it below 1.3 I'll have a hear attack :D
I'll send cookies to everyone selling the CHF until it goes back to 1.5+
:-)