EURUSD
Trading strategy: stand aside or maybe small long at 1.3980, initial stop at 1.3930, objective at 1.4050. Adjust stop to breakeven on +30 pips (at 1.4010) if reached
The euro continues to push South of this week’s open rates, trading near 1.4050 while writing this, almost 100 points below the levels seen before the EU session open today. My earlier report showed my expectation on extended weakness below 1.4125 towards the 1.4000 mark and I keep the view unchanged for now. On a potential recovery, watch for renewed selling into the 1.4125-1.4175 region which should provide resistance on bounce backs. A break above 1.4175 will provide initial clues of uptrend resumption but such move seem unlikely in the coming trading sessions. Buying into the support region of 1.3975-1.4000 is a tempting plan, if we will get that low. Current exchange rate is 1.4075 @13:15 GMT
Support levels: 1.4050, 1.3980/00 and 1.3840/50
Resistance levels: 1.4125, 1.4175/00 and 1.4250
- US session EURUSD daily chart 8-17-2009
- EURUSD 4hrs chart 8-17-2009
