EURUSD
Trading strategy: small long at 1.2465, stop at 1.2395 (0.5% risk), objective at 1.2620
The euro managed to overcome the 1.2430/50 resistance yesterday and rallied to as high as 1.2671 earlier today, but it is pulling back below 1.2620 which is the 50% retracement of last down leg from 1.3095 to 1.2145. Upside is slightly favored for now as support might be formed around 1.2500 then lower, where the former resistance at 1.2430 resides. Next important upside barrier comes at 1.2730 and if it breaks, 1.3095/00 will come be in focus. Current exchange rate is 1.2520 @07:22 GMT
Support: 1.2550, 1.2500, 1.2430/50 and 1.2300
Resistance: 1.2620, 1.2670/00 and 1.2730/50
Market sentiment: long term – bearish, medium term – bearish, short term – bearish, intra-day – bullish
- EURUSD 4hrs chart 05212010
Other setups
GBPUSD
- GBPUSD 4hrs chart 5-21-2010
EURCHF
- EURCHF daily chart 5-21-2010
EURAUD
- EURAUD daily chart 5-21-2010
