Quote of the day: I find that the harder I work, the more luck I seem to have. — Thomas Jefferson
EURUSD
Trading strategy: long at 1.3120, stop at 1.3060 (0.5% risk), 1st objective at 1.3170, 2nd objective at 1.3250
The dollar is weaker ahead of FOMC Interest Rate decision on concern the Fed will affirm its pledge to keep interest rates low for an “extended period” and suggest it is open to increasing debt purchases. The U.S. Interest Rate Decision is today’s most important event in the economic calendar. The S&P500 already breached higher yesterday, as expected – rallying to as high as 1144 after the 1130 resistance was cleared. The break above 1130 also favored further upside action in AUDJPY, which was also flirting with a double top formation. Back to the euro – support at 1.3040 held and 1.3100 is under pressure at the time of writing; first resistance comes at 1.3160 – September’s top, followed by 1.3200 and August’s top side at 1.3300/30. I remain bullish on euro as long as potential pullbacks will find enough bids above 1.2900. In case of a break down lower – below 1.29 within the coming days, which currently seems unlikely, I’ll join the bears. Current exchange rate is 1.3092 @05:45 GMT
- EURUSD 4hrs chart 9-21-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 9-21-2010
AUDJPY
- AUDJPY daily chart 9-21-2010
S&P 500
- SPX daily chart 9-21-2010
AUDUSD
- AUDUSD hourly chart 9-21-2010
USDJPY
- USDJPY daily chart 9-21-2010
Have a great day and good luck trading!
