EURUSD
Trading strategy: standing aside
Upside was capped by 1.3000 on Friday and the euro pulled back 100 points, but still holds gains above 1.2900. Short-term sentiment remains highly bearish and no signs of up trend exhaustion are seen yet. However, in case of extending current pullback below 1.29, we can look at 1.2700-1.2765 as a region where more will join the bull crowd. While 1.2400 is far below current rates, upside will remain favored on both short term and medium term basis. According to latest COT data, euro’s appreciation towards the $1.3 caused more short-covering and the net shorts figure is back to levels of mid January. As mentioned in some of my previous reports – I expect the COT figures to turn positive once 1.3 breaks. Current exchange rate is 1.2905 @06:00 GMT
Support: 1.2870, 1.2830/50, 1.2785/00 and 1.2700
Resistance: 1.2950, 1.3000 and 1.3100
Market sentiment: long term – bearish, medium term – slightly bearish, short term – bullish, intra-day – bearish
- EURUSD 4hrs chart 7-19-2010
- EURO COT 7-19-2010
More setups
GBPUSD
- GBPUSD 4hrs chart 7-19-2010
EURCHF
- EURCHF 4hrs chart 7-19-2010
Gold
- Gold 4hrs chart 7-19-2010
Have a great day!
