Quote of the day: We have the best government that money can buy. – Mark Twain
EURUSD
Trading strategy: short at 1.3870, stop at 1.3920, 1st objective at 1.3820, 2nd objective at 1.3750
Last attempt to breach 1.400 was indeed corrective, as it looked yesterday, before resuming the euro’s sell-off. Well, I guess that after going 1500 points straight in one direction, from $1.26 to $1.41, retracing 4 big figures is not such a big surprise, is it? Short-term sentiment looks bearish now and convincing recovery towards 1.400 is needed to signal that momentum is going into a positive direction. Meanwhile, a break above former support at 1.3800 won’t mean much as there are more barriers into the 1.3860-1.3900 region, where selling may resume. If downside will come under pressure again, 1.3600/30 should be next bearish objective. Current exchange rate is 1.3767 @05:59 GMT
Support: 1.3680/00, 1.3600/30 and 1.3500
Resistance: 1.3800, 1.3860/00, 1.3950/75 and 1.400
Market sentiment: long term – mixed, medium term – bullish, short term – slightly bearish, intra-day – slightly bullish
- EURUSD 4hrs chart 10-20-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 10-20-2010
Gold
- Gold 4hrs chart 10-20-2010
EURCAD
- EURCAD daily chart 10-20-2010
AUDJPY
- AUDJPY daily chart 10-20-2010
Have a great day
