I am currently on a short holiday in Italy, until next week, therefore I might not be able to write my articles on a daily basis.
Quote of the day: It does not matter how slowly you go as long as you do not stop. – Confucius
EURUSD
Trading strategy: standing aside
The euro advanced higher on Friday, providing a good opportunity to buy on break above 1.3680. Upside is still under pressure despite the ongoing pullback from $1.38, and former resistance into the 1.3680/00 zone will probably form intra-day support if current pullback extends lower. Short-term sentiment is highly bullish as all pullbacks in the last 3 weeks were very modest, and the dollar was sold-off across the board, challenging extreme levels against others – such as JPY, CHF, AUD and Gold. Next important upside barrier comes around 1.3900 – formed by the half retrace value of the full decline from 1.5145 to 1.1875. Today’s notable event in the economic calendar is Bernanke’s speech. Current exchange rate is 1.3778 @06:25 GMT
Support: 1.3680/00, 1.3600, 1.3550/70 and 1.3500/10
Resistance: 1.3800, 1.3850 and 1.3900
Market sentiment: long term – bearish, medium term – bullish, short term – bullish, intra-day – neutral
- EURUSD 4hrs chart 10-4-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 10-4-2010
EURCHF
- EURCHF 4hrs chart 10-4-2010
AUDUSD
- AUDUSD 4hrs chart 10-4-2010
Gold
- Gold 4hrs chart 10-4-2010
Have a great day!
