EURUSD
Trading strategy: small long at 1.2910 on break on hourly bar closed above 1.2900, stop at 1.2840(0.5% risk), objective at 1.3030
Although yesterday’s attempt to reach 1.2900 was limited by 1.2870, the euro maintains its bid tone hovering near 1.2850 ahead of today’s German ZEW Economic Sentiment which is the most notable event in the economic calendar. Short-term studies remain slightly bearish as the euro dropped 570 points last week, but 1.2900 is in focus for now and a potential break should favor more upside action, next objective to watch being 1.3000. However, we are still a bit far from those levels where I’d say that short-term bias turns positive but until then, keep an eye on both 1.2900 and 1.3000 if 1st one breaks. On the lower side, downtrend continuation will be signaled if 1.2800 will fail to hold. Current exchange rate is 1.2861 @05:48 GMT
Support: 1.2800, 1.2730, 1.2600 and 1.2500
Resistance: 1.2870, 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 8-17-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 8-17-2010
AUDCAD
- AUDCAD 4hrs chart 8-17-2010
USDJPY
- USDJPY 4hrs chart 8-17-2010
USDCAD
- USDCAD daily chart 8-17-2010
Gold
- Gold 4hrs chart 8-17-2010
Have good day and good luck trading!
