Quote of the day: “There is no harm in being sometimes wrong – especially if one is promptly found out.” - John Maynard Keynes
EURUSD – 1.4673 @07:18 GMT
Hello. I hope you had a nice Easter weekend. The Economic Calendar is quite busy in the coming days and today’s Fed’s rate decision and statement is one of those events everyone is waiting for. The dollar continues to lose ground across the board as the EUR was trading into the 1.47 region earlier today. However, trading will probably be quiet until later today. The daily charts remain bullish and we now have support around 1.4520 which was a stable resistance level in the first half of April, before resuming uptrend after bouncing off lower support at 1.42. In case of a pullback from current levels, the same 1.4520/50 is where to look for new buying opportunities. Looking higher, above 1.47 there’s no important resistance level up to 1.50 which is both a psychological barrier and the top side of 2009 (best seen on the weekly charts how the euro faced selling pressure when reaching fresh highs). If you are more concerned about hourly charts, then it’s a good idea to keep an eye on first intraday support at 1.4600/30 formed by previous tops and the median retrace value of yesterday’s rally from 1.4490 to 1.4710 (see chart below). Personally, I prefer to wait the Fed statement before considering any trades; but judging by how charts look like at this moment, I’m more inclined to look for buying opportunities either on a breakout above 1.47 or pullback to 1.46 or lower, to 1.4520/50, considering selling on the break of support at 1.4520.
Trading strategy: standing aside
Support: 1.4600/30, 1.4570, 1.4520/50, 1 4400 and 1.4300
Resistance: 1.4700/20, 1.4800 1.4900 and 1.500
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD weekly chart 4-27-2011
- EURUSD daily chart 4-27-2011
- EURUSD hourly chart 4-27-2011
Have a good day and good luck
someone please forward the QOTD to Mr. Ben. xD
EUR/GBP -? Triple top, or cup and handle breakout ?
I think it tops at 0.89. The bullish case has been difficult to hold.
on the daily chart it looks nice to sell it after today's close if the bar remains this way or will close lower.
Weekly looks so and so, there are long tail candles on both sides and the trend is up – I'm still bullish on EURGBP but I reckon .89 is good to sell for a potential pullback, reversing on weekly (or daily at least) close over .89
I tried …
yawehbernanke@federalreserve.gov
But it came back with the reply "Buzz off shlemmie." A bit odd really, as I was expecting "Mail returned – address unknown"
(All eyes on the press conf then…)
LOL
that made my day!
..Just getting in the mood..
Had a read of the ZH '20 Questions' yesterday — which was a gas
Hoped someone would suggest an old Cheech and Chongism along the lines of
"Hey man, — Who cuts your hair?"
(Incidentally, your and Shortbustrader's musings on the Royal Cross Pair interest me. If .89 is a 'sell' then how do we square that with potential TP and fundies? Potential 0.85 target (say) => a massive 1.76 for cable iff Eur/Usd attains 1.5 around the same time. Even 0.875 gives about 1.715 — this looks optimistic on yield and fundamentals. Not forgetting that a drubbing for he UK coalition in a few day's time would be unlikely to help the cable. Just trying to get my head round this
B))
I was running cable UP until a few mins ago, imho it's fragile like that, now, and for the foreseeable future, also it's bloody contrarian and I'm lucky like that until I'm NOT.
it seems that it switched direction, retesting 0.89. Anyway, it's the daily close that really matters if we look for a scenario similar to April 13 when we had a reversal after reaching a fresh high.
This ~ .89 level is quite important: October's top, 2010 open, 61.8% of .94 to .8060 (October 2009 to June 2010)
As for the target in case we'll have a reversal here, I think we can see .85-.86 in 1 week or 2
okay, it doesn't look like a reversal after yesterday close. .8900 is still intact though, clear breakout is worth a shot
I am trading Both USD/CHF and Gold. Did you still believe that Gold will keep going to 1600 this week?
not as far as 1600 this week but I think there's only one way it can go