Quote of the day: He who risks and fails can be forgiven. He who never risks and never fails is a failure in his whole being. — Paul Tillich
EURUSD
Trading strategy: small long at 1.2500, stop at 1.2430 (0.5% risk), 1st objective at 1.2550, 2nd objective at 1.2650
The euro recovered after retracing to as low as 1.2550 where it found intra-day support. The recovery was mainly driven by the risk & carry trade pairs – the AUD/JPY being the best performer so far. More upside is in the cards now as the EUR/JPY also managed to break through the 110.50/80 resistance. Today’s economic calendar is quite busy and includes important events such as the ECB Interest Rate Decision, the ECB Press Release and the US Initial Jobless Claims. Technically, no change of market sentiment is signaled on a short-term basis and potential dips towards 1.2500 should provide fresh buying opportunities – $1.3 being in focus, also according to yesterday’s poll results: 46% expecting to see $1.3 soon, while 36% are expecting the downtrend to resume. Current exchange rate is 1.2653 @06:15 GMT
Support: 1.2600, 1.2560, 1.2500/20, 1.2465, 1.2400 and 1.2300
Resistance: 1.2700, 1.2750 and 1.2800
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bullish
- EURUSD 4hrs chart 7-8-2010
More setups
GBPUSD
- GBPUSD 4hrs chart 7-8-2010
EURJPY
- EURJPY 4hrs chart 7-8-2010
AUDJPY
- EURJPY 4hrs chart 7-8-2010
USDCAD
- USDCAD 4hrs chart 7-8-2010
S&P 500
- S&P500 daily chart 7-8-2010
Have a nice day!
Last resort to end crisis euorpen must keep common currency low . I think loose monetary policy and tight fiscal policy would be quite favourable for Eurozone.
Manzoor Abbas