Quote of the day: You don’t get anything clean without getting something else dirty. — Cecil Baxter
EURUSD
Trading strategy: standing aside
Another week is almost over and the euro is up more than 3% against the U.S. dollar and it is currently flirting with 1.3150. The break above 1.2900 few days ago suggested further upside action – first short-term target being 1.3060 (August’s open) followed by 1.33 – last month’s top. Now that 1.3060 was reached, we can dare to look a bit higher – at 1.33. The 4-hrs charts are highly bullish as the euro went up almost vertically since Monday, so a corrective move shouldn’t come as a surprise. However, there’s no trend exhaustion sign yet so if you look to sell, you better wait or rather look at other pairs. Today’s economic calendar is lighter but the most notable data release is the Consumer Price Index in the U.S. later today. Current exchange rate is 1.3134 @05:42 GMT
Support: 1.3100, 1.3020, 1.2900/30 and 1.2850
Resistance: 1.3150, 1.3200 and 1.3300
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bullish, intra-day – bullish
- EURUSD 4hrs chart 9-17-2010
More trading setups
EURCHF
- EURCHF daily chart 9-17-2010
AUDUSD
- AUDUSD 4hrs chart 9-17-2010
AUDJPY
- AUDJPY daily chart 9-17-2010
Gold
- Gold daily chart 9-17-2010
Have a great weekend!
what r ur thoughts on USDCAD ..any chance go higher?
i expect it to give another hit on 1.014 – quite stable support there in the past months.