Quote of the day: The best minds are not in government. If any were, business would hire them away. — Ronald Reagan
EURUSD
Trading strategy: small short at 1.2730, stop at 1.2790(0.5% risk), objective at 1.2610
The euro fell for 4th day against the dollar, approaching the median retracement of last upward swing from 1.1875 to 1.3335 at 1.2605. Current bias is definitely to the downside and more pressure is likely but the euro may find support around 1.2600, the 50% retracement. In case of upside pullbacks, look for resistance around 1.2750 – former support. Short-term sentiment remains bearish and no change is in sight as long as 1.2900 is safe, up there. Selling on upside pullbacks or aggressively selling on breakdowns lower are good plans for now, as no signs of decline exhaustion is being seen yet. Today’s most notable events in the economic calendar are the German GDP release and the Existing Home Sales later today. Current exchange rate is 1.2643 @05:53 GMT
Support: 1.2600, 1.2500 and 1.2430/50
Resistance: 1.2700, 1.2750/70, 1.2850 and 1.2900/20
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bearish
- EURUSD 4hrs chart 8-24-2010
- EURUSD daily chart 8-24-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 8-24-2010
AUDJPY
- AUDJPY daily chart 8-24-2010
USDCAD
- USDCAD daily chart 8-24-2010
Gold
- Gold 4hrs chart 8-24-2010
Have a good day and happy trading!
