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Quote of the day: When in doubt, don’t. – Benjamin Franklin
EURUSD
Trading strategy: standing aside
The euro remains under pressure on concern Ireland needs a bailout, after Friday’s failed attempt to break above former support at 1.3750. Near term sentiment is bearish and won’t change as long as 1.3750 or 1.3800/25 will cap the upside. Potential rallies will most likely continue to face strong selling while the PIIGS debt problem is, again, the main market driver. Although Friday was a reversal candle on the daily charts – we rather ignore such patterns while more bad news are just around the corner. Since October’s bottom around 1.37 was breached, more downside seems to come – next short-term objective being 1.3460/00. Today’s notable event in the economic calendar is the Retail Sales data release in the U.S. Current exchange rate is 1.3676 @06:47 GMT
Support: 1.3600, 1.3550/80 and 1.3460/00
Resistance: 1.3730/50, 1.3800/20, 1.3850, 1.3900 and 1.400/50
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs forex chart 11-15-2010
More trading setups
GBPUSD
- GBPUSD 4hrs forex chart 11-15-2010
EURCAD
- EURCAD daily forex chart 11-15-2010
USDJPY
- USDJPY daily forex chart 11-15-2010
Gold
- XAUUSD 4hrs chart 11-15-2010
Have a nice day and good luck trading
