Quote of the day: “There are tons of people who are late to trends by nature and adopt a trend after it’s no longer in fashion. They exist in mutual funds. They exist in clothes. They exist in cars. They exist in lifestyles.” – Jim Cramer
EURUSD – 1.3603 @06:33 GMT
Trading strategy: looking to buy on pullback to 1.3530, stop at 1.3470(0.5% risk), 1st objective at 1.3590, 2nd objective at 1.3650
Good morning. Euro’s recovery continues and former resistance level at 1.3430 looks ‘cheaper’ now, while the single currency flirts with $1.36. My Friday plan to buy on rally – at 1.3530 – was a good bet, but looking for a pullback now is probably safer than buying into the top side. First intraday support stands at 1.3530, backed by 1.3500 and 1.3430/50. On the upside we have resistance at 1.3650 followed by 1.3700/30 and 1.3800. Both short-term and intraday studies are bullish at time of writing and so far the euro doesn’t seem tired.
- EURUSD 4hrs chart 1-24-2011
- EURUSD daily chart 1-24-2011
Have a great day and good luck trading!
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"Mark O’Sullivan, Director of Dealings at Currencies Direct"
The Pound is going up, no it's down, no it's up again.
Realy Mark O’Sullivan do make your mind up one way or another instead of writing what ever happens to be on the front page of todays news and i'm not sure if Mark is a currency expert, property expert or if i should be voting for him at the next election.
What i do know is Currencies Direct tried to charge me 2.5% above the GBP/EUR Pair when i last asked for a quote so maybe the large spread is down not knowing what way the market is going and is a worse rate than i can get from the bank and i beleive people need to be warned about this.