EURUSD
Trading strategy: small short at 1.2060, stop at 1.2130 (0.5% risk), objective at 1.1920.
The multi-year bottom at 1.1875 stays in focus as the euro is consolidating into the 1.1900 – 1.2000 region, facing resistance on each attempt to recover some of the lost ground. Above 1.2000, next barriers are emerging at 1.2050 and 1.2100 – formed by two downward trend line, followed by 1.2150 – horizontal resistance / former support in the last 3 weeks. Looking at the hourly charts – a minor support is noticed around 1.1930, coming from 1.1875 through yesterday’s low and it is currently being tested. Although a recovery is expected to face solid resistance around 1.2150 – there are doubts that the euro will get “that” high anytime soon. Keep an eye on the 1.1850/75 if yesterday’s bottom will be breached – as euro’s implosion may resume – next downside objectives on near term basis being 1.1650 and 1.1200. Current exchange rate is 1.1930 @05:40 GMT
Support: 1.1875/00, 1.1800, 1.1750 and 1.1650
Resistance: 1.1980/00, 1.2050, 1.2100 and 1.2150
Market sentiment: long term – bearish, medium term – bearish, short term – bearish, intra-day – bearish
- EURUSD 4hrs chart 6-9-2010
- EURUSD hourly chart 6-9-2010
I’ll be back a bit later with more pairs
