Quote of the day: Sometimes a man can meet his destiny on the road he took to avoid it. – Louis Salinger in The International
EURUSD
Trading strategy: long on pullback to 1.3950, stop at 1.3880(0.5% risk), 1st objective at 1.4000, 2nd objective at 1.4100
The euro holds gains above $1.39 against the dollar after it found support at 1.3800, providing a great buying opportunity on yesterday’s pullback. Although it reached the 61.8% retrace level of 1.5145 to 1.1875 around 1.3900 – nothing happened, therefore one should be aware that current euro’s recovery is not a corrective cycle. Looking for selling signs? – there are none since last break below 1.28 – and now we are more than 10 big figures above, flirting with 1.4. Buying on pullbacks and breaks higher remain are the best things to do for now, unless short term’s sentiment will show weakness on a daily close below 1.3800. Today’s notable events in the economic calendar are the ECB interest rate decision and U.S. initial jobless claims. Current exchange rate is 1.3980 @06:55 GMT
Support: 1.3900, 1.3850, 1.3800 and 1.3680/00
Resistance: 1.33950, 1.4000 and 1.4100
Market sentiment: long term – bearish, medium term – bullish, short term – bullish, intra-day – bullish
- EURUSD hourly chart 10-7-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 10-7-2010
AUDUSD
- AUDUSD 4hrs chart 10-7-2010
EURCHF
- EURCHF hourly chart 10-7-2010
USDJPY
- USDJPY 4hrs chart 10-7-2010
Have a great day!
I guess we will see tomorrow after NFP. I think that will be the catalyst for the next move. I would like to see a bit more retracement on EUR/USD before we go into another bull move..