EURUSD
Trading strategy: stand aside
The resistance formed by 1.4850 remained stable and the euro failed to advance higher earlier today, therefore downside is under pressure while writing this. Trading has been quiet today and it will probably remain this way until today’s close. Medium term sentiment remains highly bullish and this week’s losses are most likely corrective, former top side into the 1.4700-1.4800 region providing support for now. Intra-day studies are bearish and more weakness is likely until market’s close a bit later today. Although a weekly close above 1.4850 would have been a decent bullish signal, uptrend may resume in November – 1.5000/50 being the first notable challenge. Current exchange rate is 1.4780 @14:25 GMT
- EURUSD daily chart 10-30-2009
My plan to buy EURUSD on a break above 1.4850 is “on hold” for next week. I also cancel my plan to go long in GBPUSD today in case of a retracement to 1.6470 because the market is too anemic today and it is already late.
Those interested in the Webinar today: see you in 2 hours and half (at 17:00 GMT) in the Chat Room. Logging in as Guest should work just fine, no need to be registered on the site.
Cheers!
