Quote of the day: Money will come when you are doing the right thing. — Mike Phillips
EURUSD
Trading strategy: small short at 1.3030, stop at 1.3090 (0.5% risk), objective at 1.2930
The euro found support at 1.2800 after the free fall from 1.3300 but the ongoing recovery is not convincing. Former support at 1.3000 will probably provide resistance if the euro continues to climb from here, and a daily close above 1.3000 should be a decent confirmation of uptrend resumption on short-term basis. Technically the uptrend is intact, despite the 500 points decline. Today’s most notable events in the economic calendar are the German GDP which came at 2.20% vs 1.30% expected, followed by the U.S. Retail Sales and CPI later today. Current exchange rate is 1.2892 @06:07 GMT
Support: 1.2800/30, 1.2730, 1.2600 and 1.2500
Resistance: 1.2900, 1.3000, 1.3100 and 1.3250
Market sentiment: long term – bearish, medium term – slightly bullish, short term – slightly bearish, intra-day – slightly bullish
- EURUSD 4hrs chart 8-13-2010
More trading setups
AUDJPY
- AUDJPY daily chart 8-13-2010
EURAUD
- EURAUD 4hrs chart 8-13-2010
USDJPY
- USDJPY 4hrs chart 8-13-2010
USDCAD
- USDCAD daily chart 8-13-2010
Gold
- Gold daily chart 8-13-2010
Have a great day!
