Quote of the day: “You cannot depend on your eyes when your imagination is out of focus.” – Mark Twain
EURUSD
Trading strategy: looking to sell on pullback to 1.3250, stop at 1.3310 (0.5% risk), 1st objective at 1.3200, 2nd objective at 1.3100
Good morning. Euro’s weakness persists as the single currency has lost 2 big figures yesterday, currently trading around 1.3150, finding temporary support on the rising trend line connecting the higher lows since late August (see chart below). It seems that last week’s gains were favored by lower volume and fewer news on Europe’s debt crisis. Short-term sentiment turned bearish from mixed / slightly bullish – and former support at 1.3250 will probably provide a resistance point on potential pullbacks. On the South side – breaking below this medium term trend line will be a notable bearish signal, pointing towards December’s open around 1.300. Key events today in the economic calendar are German Factory Orders at 11:00 GMT and the US Initial Jobless Claims release, at 13:30 GMT. Current exchange rate is 1.3144 @06:25 GMT
Support: 1.3070/00, 1.3000/30 and 1.2950/70
Resistance: 1.3200, 1.3250, 1.3350 and 1.3400/30
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 1d chart 1-6-2011
- EURUSD hourly chart 1-6-2011
I’ll be back in one hour, posting some interesting charts.
Have a great day
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