Quote of the day: Earth provides enough to satisfy every man’s need, but not every man’s greed — Mahatma Gandhi
EURUSD
Trading strategy: small short at 1.2880, stop at 1.2960(0.5% risk), objective at 1.2730
Euro’s recovery on Friday was again limited by 1.2900 and the 3 weeks gains were cut in a single week as the euro lost 570 points in the last 5 days. Support was found at 1.2730 — level which provided support on July 21. Short-term sentiment is slightly bearish and a break above 1.3000 is what the bulls should look for, to confirm uptrend continuation. Meanwhile, selling into rallies or on a break down below 1.2730 are probably the safer strategies. Current exchange rate is 1.2793 @06:10 GMT
Support: 1.2730, 1.2600 and 1.2500
Resistance: 1.2830/50, 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 8-16-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 8-16-2010
AUDCAD
- AUDCAD 4hrs chart 8-16-2010
USDJPY
- USDJPY 4hrs chart 8-16-2010
Gold
- Gold daily chart 8-16-2010
Have a good day!
