Quote of the day: Success isn’t permanent, and failure isn’t fatal. — Mike Ditka
EURUSD
Trading strategy: small long at 1.2730 on hourly close above 1.2720, stop at 1.2660 (0.5% risk), objective at 1.2850
The euro recovered after another dip towards 1.2600 from 1.2720 which still provides intra-day resistance, for the 4th day. Although short-term sentiment remains bearish, there are some signs pointing upward – 1.2720 has to break first and provide support after, hence opening 1.2900 which is a key barrier that has to be breached in order to shift momentum on a short-term basis. Intra-day studies are bullish at the time of writing and will remain intact while the euro trades above 1.2650. Below 1.2650, downside pressure resumes – 1.2600 being the first support. Today’s most notable event in the economic calendar is the Initial Jobless Claims later today. Current exchange rate is 1.2712 @05:45 GMT
Support: 1.2650, 1.2600, 1.2500 and 1.2430/50
Resistance: 1.2720, 1.2750/70, 1.2850 and 1.2900/20
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bullish
- EURUSD 4hrs chart 8-26-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 8-26-2010
EURCHF
- EURCHF 4hrs chart 8-26-2010
USDCAD
- USDCAD daily chart 8-26-2010
AUDJPY
- AUDJPY daily chart 8-26-2010
Have a great day!
