Quote of the day: “It is not enough to succeed. Others must fail.” – Gore Vidal
EURUSD
Trading strategy: standing aside
Good morning. I hope you all had a nice holiday season and a good start in 2011. The euro starts slightly lower this year – down 50 pips from Friday’s close. Short-term resistance into the 1.3430 region, which served both as support and resistance in the last two months, remains intact after Friday’s test. Sentiment is slightly bullish on near term basis, since breaking above 1.3250, and current pullback below 1.33 looks corrective so far, therefore keep an eye on intra-day support into the 1.3250 zone and a bit lower – around 1.3200. Today’s notable event in the economic calendar is the ISM Manufacturing Index at 15:00 GMT. Current exchange rate is 1.3299 @06:48 GMT
Support: 1.3250, 1.3180/00, 1.3070/00, 1.3000/30, 1.2970 and 1.2900
Resistance: 1.3300/30, 1.3400/30 and 1.3500
Market sentiment: long term – mixed, medium term – bullish, short term – mixed, intraday – bearish
- EURUSD hourly chart 1-3-2011
More charts and trading setups
GBPUSD
- GBPUSD daily chart 1-3-2011
EURCHF
- EURCHF 4hrs chart 1-3-2011
EURGBP
- EURGBP daily chart 1-3-2011
USDCAD
- USDCAD daily chart 1-3-2011
Have a great day and good luck trading
I am trading 4 Hour Chart. I think you are right. It looks like the Trend will keep going downward.