Quote of the day: Information is the currency of democracy. — Thomas Jefferson
EURUSD
Trading strategy: standing aside
1.2900 provided resistance once again yesterday and the euro failed to climb higher, despite several attempts. Intra-day sentiment is currently bearish although the pair trades around same levels as yesterday’s morning, but downside pressure seems higher. Unless it will manage to conquer 1.2900 soon – the bottom reached last week at 1.2740 should be attractive. Interim support comes around 1.2800, so a break lower may provide a selling opportunity. I’d prefer a long opportunity but current conditions are not convincing, so patience is golden. Current exchange rate is 1.2827 @06:09 GMT
Support: 1.2800, 1.2730, 1.2600 and 1.2500
Resistance: 1.2900/20, 1.3000, 1.3100 and 1.3250
Market sentiment: long term – bearish, medium term – slightly bullish, short term – slightly bearish, intra-day – slightly bearish
- EURUSD 4hrs chart 8-18-2010
More trading setups
EURGBP
- EURGBP 4hrs chart 8-18-2010
USDCAD
- USDCAD daily chart 8-18-2010
AUDUSD
- AUDUSD 4hrs chart 8-18-2010
USDJPY
- USDJPY 4hrs chart 8-18-2010
Have a good day and happy trading!
