Quote of the day: “In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.” – Theodore Roosevelt
EURUSD – 1.3571 @07:55 GMT
Good morning. The dollar is weaker against the EUR today after the FOMC released minutes of January’s meeting. The pair traded at $1.3608 session high during today’s Asian session but pulled back to $1.3550 where it found intra-day support. Hourly studies are bullish and there’s probably a decent opportunity to buy above these levels if price breaks higher – but extra caution is required as the daily charts are showing weakness signs. The Forex Calendar is busy today and tomorrow and the most notable event is Bernanke’s testimony on the economic outlook before the Senate today – again, all eyes on metals and, of course, the dollar.
Trading strategy: standing aside
Support: 1.3550, 1.3500, 1.3430/50, 1.3360 and 1.3300
Resistance: 1.3580/00, 1.3650, 1.3700 and 1.3730/50
Market sentiment: long term – mixed, medium term – bullish, short term – slightly bearish, intraday – bullish
- EURUSD 4hrs chart 2-17-2011
Have a wonderful day and good luck trading.
