EURUSD
Trading strategy: small short at 1.2720, stop at 1.2780(0.5% risk), objective at 1.2620
Support at 1.2650 is again under pressure as the euro failed to maintain its course, erasing most of last week’s gains. Next downside barrier comes below 1.2650 at 1.2590/05 which is also the 50% retracement of 1.1875-1.3335. Short-term studies are bearish and will remain that way while 1.2900 is not affected by any rallies. Upside correction will probably face more selling around 1.2700/20. Today’s notable event in the economic calendar is the FOMC Meeting Minutes later today. Current exchange rate is 1.2660 @05:26 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
- EURUSD 4hrs chart 8-31-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 8-31-2010
USDJPY
- USDJPY 4hrs chart 8-31-2010
AUDJPY
- AUDJPY daily chart 8-31-2010
EURCHF
- EURCHF 4hrs chart 8-31-2010
Have a good day!
