Quote of the day: Courage is the discovery that you may not win, and trying when you know you can lose. – Tom Krause
EURUSD
Trading strategy: long on pullback to 1.400, stop at 1.3930(0.5% risk), 1st objective at 1.4050, 2nd objective at 1.4160
The euro is flirting with 1.4050 after few hours since the market opened as the G-20 has shown no clue that the U.S. will back away from the large quantitative easing policy anticipated from the Fed. Intra-day support is now formed at 1.400 and 1.3950/60. Next upside objective is set at 1.4160, which was the recent top, reached 10 days ago. Above 1.4160, next important objective is seen around 1.4300. Both short-term and intra-day charts are in a bullish configuration and won’t change as long as the two support levels – 1.400 and 1.3950/60 – will hold. Today’s key event in the economic calendar is Fed Chairman Bernanke’s speech at 12:30 GMT. Current exchange rate is 1.4054 @05:50 GMT
Support: 1.400, 1.3950/60, 1.3900, 1.3850 and 1.3790/00
Resistance: 1.4050, 1.4100 and 1.4150/60
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intra-day – bullish
- EURUSD hourly chart 10-25-2010
More trading setups
Gold
- Gold 4hrs chart 10-25-2010
AUDUSD
- AUDUSD 4hrs chart 10-25-2010
EURCHF
- EURCHF 4hrs chart 10-25-2010
USDJPY
- USDJPY 4hrs chart 10-25-2010
Have a great day and good luck trading!
