Quote of the day: “Curst greed of gold, what crimes thy tyrant power has caused.” – Virgil
EURUSD
Trading strategy: standing aside
Euro’s rally was capped at 1.3430 yesterday as commodities and equities sold off. The 1.3250-1.3430 range is still valid and its lower limit is back in focus at time of writing. My plan to look for a buying opportunity at 1.3380 went alright yesterday, until the 1st objective was reached. It seems that range bound trading will continue ahead of Friday’s unemployment figures and rallies will face strong selling as concern on Europe’s debt crisis remains the news main theme. Above 1.3350 – momentum should pick up; but until then – keep an eye on both 1.3200 and 1.3250 support levels. Today’s most important event in the economic calendar is the ADP Nonfarm Employment Change at 13:15 GMT. Current exchange rate is 1.3276 @06:34 GMT
Support: 1.3250, 1.3180/00, 1.3070/00 and 1.3000/30
Resistance: 1.3350, 1.3400/30, 1.3500 and 1.3600/15
Market sentiment: long term – mixed, medium term – bullish, short term – neutral, intraday – bearish
- EURUSD 1d chart 1-5-2011
- EURUSD hourly chart 1-5-2011
More charts and trading setups
EURGBP
- EURGBP 1d chart 1-5-2011
EURCHF
- EURCHF 4hrs chart 1-5-2011
AUDUSD
- AUDUSD 4hrs chart 1-5-2011
Gold
- XAUUSD 1d chart 1-5-2011
Have a great day and good luck trading!
