Quote of the day: The place where optimism flourishes most is the lunatic asylum. — Havelock Ellis
EURUSD
Trading strategy: standing aside
The euro is well bid, holding gains near the 1.2365 resistance formed by the 61.8% retracement of 1.2670-1.1875. Short-term sentiment remains bullish and more upside action seems likely and support could limit losses in case of a pullback into the 1.2250/70 region. Below that – next support comes at 1.2150/70 which was a key barrier on both sides for 4 weeks. If 1.2365 breaks – then 1.2670 could be next objective. However, keep in mind that current euro’s recovery is driven by a lack of bad news and some short-covering. It only takes a minor kick to resume the big avalanche. Current exchange rate is 1.2325 @06:12 GMT
Support: 1.2250/70, 1.2150, 1.2070/00 and 1.2000
Resistance: 1.2350/65, 1.2400 and 1.2500
Market sentiment: long term – bearish, medium term – bearish, short term – slightly bullish, intra-day – bullish
- EURUSD 4hrs chart 6-16-2010
Other setups
GBPUSD – 1.4803
- GBPUSD 4hrs chart 6-16-2010
AUDUSD – .8633
- AUDUSD 4hrs chart 6-16-2010
USDCHF – 1.1300
- USDCHF 4hrs chart 6-16-2010
Have a good day!
Euro going down for no reason, but it seems it might be earning a high point soon…