Quote of the day: All generalizations are bad. – R.H. Grenier
EURUSD
Trading strategy: long at 1.3825, stop at 1.3755, 1st objective at 1.3875, 2nd objective at 1.3975
Although downside pressure is still high, support at 1.37 formed by October’s bottom held, and the dollar is a bit softer today, ahead of G20 Summit in Seoul – on speculation China will allow the Yuan to rise. The G20 Summit in Seoul is the key event this week and these two days could be interesting as the ‘Currency war’ is the main theme. Looking at yesterday’s bounce off support at 1.3700 – we might be dealing with a reversal pattern. However, the recovery is not convincing yet but it’s normal not to see any major reactions ahead of G20. Building long positions from current region with tight stops on break below 1.37 is worth considering. However, break above 1.4050 is required to signal the end of current corrective cycle. Current exchange rate is 1.3780 @06:50 GMT
Support: 1.3700, 1.3650 and 1.3600
Resistance: 1.3800/20, 1.3850, 1.3900 and 1.400/50
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – slightly bullish
- EURUSD daily chart 11-11-2010
- EURUSD 4hrs chart 11-11-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 11-11-2010
AUDUSD
- AUDUSD 4hrs chart 11-11-2010
CADJPY
- CADJPY 4hrs chart 11-11-2010
Gold
- XAUUSD 4hrs chart 11-11-2010
Have a nice day and good luck trading
