EURUSD
Trading strategy: standing aside
Euro’s consolidation above 1.2700 continues but its recovery is still modest, upside being capped by 1.2770 – following the EURJPY which is facing resistance around former support zone, at 109.25. Short-term studies are bearish while the pair is trading below 1.2900 and its recovery being weak. Interim support is seen around 1.2650 and a break below should favor further losses to (and below?) last week’s bottom at 1.2590. Meanwhile, current recovery from 1.2590 to 1.2770 seems corrective but those of you who are riding the EUR higher may want to consider adding to long positions on breaks higher – above last week’s top and especially above 1.2900 if we get there within the coming days. Current exchange rate is 1.2732 @05:20 GMT
Support: 1.2650, 1.2600, 1.2500 and 1.2430/50
Resistance: 1.2750/70, 1.2850 and 1.2900/20
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bearish
More trading setups
GBPUSD
- GBPUSD 4hrs chart 8-30-2010
USDJPY
- USDJPY 4hrs chart 8-30-2010
AUDJPY
- AUDJPY daily chart 8-30-2010
AUDCAD
- AUDCAD daily chart 8-30-2010
EURCHF
- EURCHF 4hrs chart 8-30-2010
Have a great day!
