EURUSD

Trading strategy: stand aside

Yesterday’s gains against the dollar have been limited into the 1.4800/20 region and Bernanke’s speech has sent the euro a bit lower, testing support on the 1.4700 handle. Short term sentiment remains positive while the intra-day charts are slightly bearish, a breach above 1.4750 being needed to signal a change in hourly sentiment. My long entry at 1.4710 has been triggered overnight and I plan to hold the position with stop at break-even(which will probably be reached soon as downside pressure seem quite high) and objective at 1.4810. In case of extended losses below the support at 1.4700, next downside barrier is emerging at 1.4650 then lower at 1.4600/10. Current exchange rate is 1.4726 @06:00 GMT

Support: 1.4700, 1.4650 and 1.4600/10
Resistance: 1.4750/60, 1.4800/20 and 1.4845/50

(more…)

- Continue reading: Daily analysis and trading strategies 10-09-09

EURUSD

Trading strategy: long at 1.4710, initial stop at 1.4660, objective at 1.4810. Adjust stop to breakeven on +30 pips (at 1.4740) if reached

Upside is on focus as the euro recovered on yesterday after it found support at 1.4650. Intra-day uptrend is under development and price may stabilize above 1.4700 which is an important level formed by the weekly open of the last two weeks. Intra-day support is now seen at 1.4700 backed by yesterday’s bottom at 1.4650. Resistance starts at 1.4800 followed by recent top side at 1.4845/50 and the projected targets 1.4900 and 1.5 higher. Upside is favored for now and potential pullbacks may find support into the 1.4650-1.4700 region. Below that 50 points region, selling should intensify and current bullish structure will be canceled. Current exchange rate is 1.4758 @06:00 GMT

Support: 1.4700, 1.4650 and 1.4600
Resistance: 1.4800, 1.4845/50 and 1.4900

(more…)

- Continue reading: Daily analysis and trading strategies 10-08-09

EURUSD

Trading strategy: stand aside

The euro continues to achieve higher highs on the current recovery process, aiming towards the recent top side at 1.4845. Short-term sentiment is slightly bullish but the intra-day studies show minor signs of weakness. In case of an extended pullback below overnight’s low at 1.4683, look for support into the 1.4620-1.4650 zone, eventually 1.4600. On the upside, minor resistance is formed at 1.4760 followed by 1.4800 and the recent top at 1.4845. Current exchange rate is 1.4710 @06:10 GMT

Support: 1.4620/50, 1.4600 and 1.4550. 
Resistance: 1.4750/60, 1.4800 and 1.4820/50

(more…)

- Continue reading: Daily analysis and trading strategies 10-07-09