EURUSD
Trading strategy: stand aside
The euro retraced to 1.4650 earlier today, closing below the trend line support mentioned on the morning’s report and seen on the chart attached below. Intra-day sentiment is slightly bullish due to current recovery back above 1.4700 but bias still points to the downside as long as 1.4730 will provide resistance. Closing above 1.4730 will resume uptrend but today’s action is not expected to be spectacular, therefore 1.4800 is expected to limit the upside if reached. Current exchange rate is 1.4705 @12:35 GMT
Support: 1.4650, 1.4600, 1.4550 and 1.4500
Resistance: 1.4730, 1.4750/65 and 1.4800
- EURUSD 4hrs 09-18-09
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