Quote of the day: “Let Wall Street have a nightmare and the whole country has to help get them back in bed again” – Will Rogers
EURUSD
Trading strategy: looking to buy a small size on pullback to 1.3180, stop at 1.3120, 1st objective at 1.3240, 2nd objective at 1.3330
Good morning. The dollar is weaker across the board today and the euro breached above $1.3180 – a level which provided support for two weeks in the 1st half of December, but turned resistance afterwards. Current recovery above 1.3180 provides a slightly bullish signal and it is probably worth buying a small size on pullback towards the 1.3150-1.3180 region where support resides. While it holds, next upside target is seen around 1.3330 – which was a lower high and reversal point 10 days ago but is also the 61.8% retracement value of 1.35-1.3050. The economic calendar is lighter this week but larger/unexpected moves are possible during low-volume trading sessions. Current exchange rate is 1.3216 @07:30 GMT
Support: 1.3180, 1.3070/00, 1.3000/30, 1.2970 and 1.2900
Resistance: 1.3275, 1.3300/30 and 1.3400
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD 4hrs 12-28-2010
More trading setups
GBPUSD
- GBPUSD 4hrs 12-28-2010
EURCHF
- EURCHF 4hrs 12-28-2010
AUDUSD
- AUDUSD 4hrs 12-28-2010
Have a great day and good luck trading
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