Quote of the day: “Hypocrisy is the homage which vice pays to virtue” – François de La Rochefoucauld
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EURUSD – 1.3681 @06:49
Trading strategy: looking to buy at 1.3730, stop at 1.3680 (0.5% risk), objective open.
Good morning. The euro fell back in the Asian sessions, currently testing former intra-day resistance at 1.3685. My bet on dollar’s depreciation on Bernanke’s speech – buying at 1.3695 – was looking promising and profitable for few hours but resistance at 1.3750 held, so the current pullback forced me to exit at breakeven. I’ll look for another buying opportunity if 1.3750 will be tested again, because the short-term studies are bullish and current intra-day pullbacks seems corrective, else I rather concentrate on other pairs. A level to consider selling the EURUSD is 1.3620/30, below intra-day support – targeting 1.3500/30. The Initial Jobless Claims is today’s most notable event in the Forex Calendar that may influence the EURUSD.
Support: 1.3630/50, 1.3600, 1.3530/50, 1.3500 and 1.3430/50
Resistance: 1.3700, 1.3730/50, 1.3800 and 1.3860
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bearish
- EURUSD 4hrs chart 2-10-2011
Have a great day and good luck trading
