Quote of the day: The market can stay irrational longer than you can stay solvent. — John Maynard Keynes
EURUSD
Trading strategy: looking to buy dips at 1.3655, stop at 1.3580(1% risk), objective at 1.3795
Last week’s recovery up to 20 days top side and above the downward trend line extended from 1.3850 covering recent weekly peaks suggests that downside pressure is lower and an extended recovery might be in the cards for the coming weeks. Short-term sentiment is slightly bullish and the euro should hold above former resistance around 1.3670 in order to maintain current positive bias. Next support to watch in case of a decline below 1.3670/00 comes around 1.3580/00. Intra-day studies are slightly bearish due to current retracement from Friday’s top and some more losses are likely before re-testing the 1.3800 mark. Buying dips into the 1.3650/70 for rebound to 1.38 seems a good plan, for now. Current exchange rate is 1.3752 @07:05 GMT
Support: 1.3700, 1.3650/70, 1.3585/00 and 1.3550
Resistance: 1.3790/00, 1.3840/60 and 1.3900
Market sentiment: long term – bullish, medium term – bearish, short term – slightly bullish, intra-day – slightly bearish
- EURUSD 4hrs chart 3-15-2010
- EURUSD weekly chart 3-15-2010
Perhaps I’ll be back later today, providing an outlook on more pairs. Have a great day!
