Quote of the day: He who moves not forward, goes backward. — Johann Wolfgang von Goethe
EURUSD
Trading strategy: small long at 1.3100, stop at 1.3030 (0.5% risk), 1st objective at 1.3150, 2nd objective at 1.3250
1.3250 has been reached yesterday as euro’s bullish trajectory remains firm but a pullback is likely ahead of tomorrow’s Interest Rate Decision and Press Conference in Europe. No change in short-term sentiment is expected since it is quite unlikely that a major decline will emerge – aiming below 1.2900. While the euro trades comfortably above the 1.2970/00 region, more gains are in the cards – next important objective following 1.3250 at 1.3500 which is the median retracement ratio of the full decline from 1.5145 to 1.1875. Intra-day charts are also bullish but some signs of weakness are seen at the time of this writing. Intra-day break down below 1.3200 may favor further losses towards 1.3100/20. Current exchange rate is 1.3203 @06:07 GMT
Support: 1.3200, 1.3100/20, 1.2970/00 and 1.2900
Resistance: 1.3250/90, 1.3400 and 1.3500
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bullish, intra-day – bullish
- EURUSD 4hrs chart 8-4-2010
More trading setups
EURGBP
- EURGBP 4hrs chart 8-4-2010
EURAUD
- EURAUD 4hrs chart 8-4-2010
AUDJPY
- AUDJPY 4hrs chart 8-4-2010
Have a good day and good luck trading
