Quote of the day: The only sure thing about luck is that it will change. — Wilson Mizner
EURUSD
Trading strategy: standing aside
Friday’s pullback towards the 1.2970 support zone was short-lived – once again confirming current uptrend’s strength on a short-term basis. More range-bound action is likely while 1.3100 caps the upside and potential dips will probably trigger support into the 1.2970-1.3000 region. No signs of trend exhaustion are seen yet but if one looks for short opportunities – then a break down below 1.2970 should provide one. Meanwhile, upside remains favored but stabilizing above 1.3100 doesn’t seem easy, yet. Today’s notable events in the economic calendar are the ISM Index at 15:00 GMT and Mr. Ben’s speech at 15:15 GMT. Current exchange rate is 1.3084 @06:10 GMT
Support: 1.2970/00, 1.2900, 1.2860 and 1.2750/70
Resistance: 1.3100, 1.3200 and 1.3250/90
Market sentiment: long term – bearish, medium term – slightly bearish, short term – bullish, intra-day – bullish
- EURUSD hourly chart 8-2-2010
More trading setups
GBPUSD
EURCHF
- EURCHF 4hrs chart 8-2-2010
EURGBP
- EURGBP 4hrs chart 8-2-2010
NZDUSD
- NZDUSD daily chart 8-2-2010
EURAUD
- EURAUD 4hrs chart 8-2-2010
Have a good day!
