Quote of the day: I’ve abandoned free market principles to save the free market system. – George W. Bush
EURUSD
Trading strategy: looking to sell at 1.3570, stop at 1.3640, 1st objective at 1.3520, 2nd objective at 1.3440
1.3570 was breached yesterday as the euro is once again in free-fall mode, bringing the 50% retramcement of 1.2645-14280, at 1.3460, into focus. A bailout package could come quickly as talks will start in Dublin with ECB and IMF; therefore the Irish government has to make a definite decision on this, in the coming days (not a matter of “if”, but rather “when”). More downside action and short-lived bounces are likely until a decision will be clear on the Irish bailout. Keep an eye on the 1.3450/60 as a potential breach could open the door towards 1.30. In case of a pullback to the upside, former support region around 1.3570 is where the euro could face some strong selling barrier. No change in short-term sentiment is expected since that would require price to stabilize above 1.38. Current exchange rate is 1.3491 @06:55 GMT
Support: 1.3450/60, 1.3400 and 1.3300
Resistance: 1.3570/00, 1.3700 and 1.3800/20
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD hourly forex chart 11-17-2010
More trading setups
GBPUSD
- GBPUSD 4hrs forex chart 11-17-2010
AUDJPY
- AUDJPY 4hrs forex chart 11-17-2010
Have a nice day
