EURUSD
Trading strategy: stand aside
The Euro is re-testing bids into the 1.4300 region at the time of writing this, after the failed attempt on climbing higher, past 1.4350. Today’s trading has been quiet as the pair has moved into a range of 80 points which is half of Friday’s range and about 50-60 points below its 10, respectively 20 days average. Current consolidation is likely to continue and upside bias will remain intact as long as the euro holds steady above the 1.4200-1.4230 support region formed by the fib ratios of last up leg from 1.4085 to Friday’s peak at 1.4375. My planned long entry at 1.4265 has been missed today as the euro retraced, as expected, but 15 pips away from the my entry point. If the current pullback from 1.4345 will continue, I won’t look to buy into the 1.4265 region as the current intra-day momentum doesn’t seem to favor any fast rally and the ‘buy the dips’ chance for today is already gone. Current exchange rate is 1.4305 @17:50 GMT
- EURUSD 4 hrs 8-24-2009 US session
Have a great evening!
Do you expect the 1.4265 sup zone to hold if we get there today?
Thank you mate! have a nice evening too!