Dollar Recovering Towards Sell Zone, Euro Under Renewed Pressure

Quote of the day:“Everybody gets so much information all day long that they lose their common sense.” – Gertrude Stein

Good morning. The dollar is taking a breath – recovering some ground across the board, especially against the euro, its major counterpart. Gold pulled back after reaching a fresh high yesterday and the equity markets closed red on risk off trading. Former EURUSD intraday support at 1.4430 has been breached, so it wasn’t good for my last plan of looking for a buying opportunity on pullback. The US Initial Jobless Claims is one of today’s most important events in the FX Calendar

Now that the euro is back below resistance trendline connecting previous lower highs, a good (technical) reason to buy it is no more valid. Let’s take a look at some charts and see if there are any trading opportunities developing:

Dollar

US Dollar Index Daily Chart 7-28-2011

US Dollar Index Daily Chart 7-28-2011

US Dollar Index Weekly Chart 7-28-2011

US Dollar Index Weekly Chart 7-28-2011

 Euro

Euro Index Daily Chart 7-28-2011

Euro Index Daily Chart 7-28-2011

 EURUSD

Euro Vs US Dollar Daily Chart 7-28-2011

Euro Vs US Dollar Daily Chart 7-28-2011

 EURJPY

Euro Vs Japanese Yen Daily Chart 7-28-2011

Euro Vs Japanese Yen Daily Chart 7-28-2011

EURGBP

Euro Vs Pound Sterling Daily Chart 7-28-2011

Euro Vs Pound Sterling Daily Chart 7-28-2011

 CHFJPY

Swiss Franc Vs. Japanese Yen Daily Chart 7-28-2011

Swiss Franc Vs. Japanese Yen Daily Chart 7-28-2011

Have a good day and happy trading!

One thought on “Dollar Recovering Towards Sell Zone, Euro Under Renewed Pressure

  1. Pingback: Dollar Retreating After S&P Downgrade; EUR Up as ECB Pledges to Buy More Bonds | innerfx.com

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