Quote of the day: In the beginner’s mind there are many possibilities, but in the expert’s mind there are few — Shunryu Suzuki
EURUSD
Trading strategy: long at 1.2905 on hourly bar closed above 1.2900, stop at 1.2830(0.5% risk), 1st objective at 1.2955, 2nd objective at 1.3005
The 1.2900 interim barrier comes under pressure as the euro extended its gains yesterday. Upside is currently favored, hourly studies being bullish since the euro strengthened 1.3% since yesterday’s open, and a daily close above 1.2900 will suggest further strength, short-term studies becoming bullish, resuming the recovery started at $1.19 in June. Buying on a potential pullback to 1.2800 should be a plan to consider, since an extended correction towards yesterday’s range retracement values at 1.2740 and 1.2765 would weaken current momentum and cancel the potential break above 1.2900 for a day or more. Today’s most important events in the economic calendar are the German ZEW and U.S. Retail Sales later today. Current exchange rate is 1.2875 @05:42 GMT
Support: 1.2800, 1.2750, 1.2660/70, 1.2600 and 1.2500
Resistance: 1.2900/20, 1.3000 and 1.3100
Market sentiment: long term – bearish, medium term – slightly bullish, short term – mixed, intra-day – bullish
- EURUSD 4hrs chart 9-14-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 9-14-2010
AUDJPY
- AUDJPY 4hrs chart 9-14-2010
EURCHF
- EURCHF 4hrs chart 9-14-2010
Gold
- Gold 4hrs chart 9-14-2010
Have a great day!
