Quote of the day: A lie can travel halfway around the world while the truth is putting on its shoes. – Mark Twain
EURUSD
Trading strategy: standing aside
Euro’s collapse continue amid fears that more countries in Europe will join Ireland and Greece. The tension between North and South Korea is also fueling current decline and the euro trades below last week’s 1.3300 which provided support for 2 days. Upside correction signs are not visible yet but in case of a break above 1.3300, a run up to 1.3500-1.3550 should be favored – and that is where fib barriers of last week’s down leg are formed, along with the former bottom established two weeks ago. Short-term sentiment remains bearish as long as the pair doesn’t return above 1.37 and it most likely won’t get that far up. Current exchange rate is 1.3234 @06:45 GMT
Support: 1.3200, 1.3100 and 1.300
Resistance: 1.3300, 1.3385/00, 1.3450/60, 1.3500 and 1.3550
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs forex chart 11-29-2010
More trading setups
EURGBP
- EURGBP daily forex chart 11-29-2010
AUDJPY
- AUDJPY 4hrs forex chart 11-29-2010
EURCAD
- EURCAD daily forex chart 11-29-2010
Have a great day
