Quote of the day: “The policy of being too cautious is the greatest risk of all” - Jawaharlal Nehru

EURUSD – 1.4209 @07:00 GMT

Good morning. Friday’s recovery to $1.4335 was corrective and resistance formed by the 61.8% retrace value of last down leg from 1.4495 to 1.4075 is intact, therefore the downside remains favored as the European governments failed to agree on Greek aid payout. Interim support around 1.4200 is currently under pressure and a break lower should result in more weakness towards recent bottom at 1.4075 and 1.400 eventually. I remain bearish on EURUSD as tension in Greece will likely limit significant gains – selling into minor rallies being my primary plan at this point.

Trading strategy: looking to sell on potential rally to 1.4260, initial stop at 1.4320 (0.5% risk), target open

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- Continue reading: Euro Resumes Decline on Delayed Emergency Loans to Greece

Quote of the day: “If you don’t make mistakes, you’re not working on hard enough problems. And that’s a big mistake.” - Frank Wilczek

EURUSD – 1.4140 @08:02 GMT

Good morning. Euro remains under pressure even though it managed to recover some ground yesterday after slipping below $1.41, resistance zone around 1.4220 being strong so far. It’s been a bad week for the euro and I doubt it stands a chance to recover much from current levels in the next two trading sessions, so looking for more selling opportunities is probably the best thing to do. I am currently holding a short position at 1.4220, after being stopped out on the short triggered by the decline below $1.41, and will close it if price pulls back to 1.4170-80 to cover the initial loss, else will hold it until later today with a target around 1.4020.

Trading strategy: holding short at 1.4220, stop at 1.4170, target open

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- Continue reading: EURUSD Still Under Pressure After Testing Resistance at 1.4220

Quote of the day: “Disbelief in magic can force a poor soul into believing in government and business.” - Tom Robbins

EURUSD: 1.4140 @06:52 GMT

Good morning. The euro continues to fall across the board as the Greek crisis intensifies, reaching lows below $1.41, after losing 300 points yesterday. Now that most interim support levels have been broken, it’s time to look at 1.400 and 1.37, where next important support levels are seen. If there will be any corrective pullback, I doubt it will be too large, so looking for selling opportunities on potential rallies towards 1.4200 or 1.4250 makes quite some sense. A break below 1.4100 looks like a good short trigger, too. The Initial Jobless Claims is the most important event in the Forex Calendar today.

Trading strategy: looking to sell on potential pullback to 1.4220, initial stop at 1.4270 (0.5% risk), target open. Secondary plan is to look for a selling opportunity on break of 1.4100, with an initial stop at 1.4150

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- Continue reading: Euro Falls Further on Greek Crisis, 1.400 in Focus

Quote of the day:“Concentration comes out of a combination of confidence and hunger.” - Arnold Palmer

EURUSD – 1.4375 @07:02 GMT

Good morning. The euro is under pressure after yesterday’s short-lived recovery near $1.45. A general strike is due in Greece, as the parliament meets to debate new austerity measures. Potential recoveries are likely to be minimal as long as Greek worries are persisting, therefore I think it’s worth looking for selling opportunities both on upside pullbacks and weakness below recent support zone, such as 1.4330. My plan to sell at 1.4430 wasn’t good enough as the stop was a bit too tight but I’m currently looking for a new selling opportunity. The CPI Release is the most important event in today’s Economic Calendar.

Trading strategy: looking to sell on potential pullback to 1.4410, initial stop at 1.4460 (0.5% risk), target open

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- Continue reading: Euro Resumes Slide Below $1.44