Quote of the day: “When the water reaches the upper level, follow the rats.” ~ Claude Swanson
Good morning. The euro still holds gains trading in a narrow range a few points below Monday’s top near $1.3700. Overall short-term sentiment is bullish as long as the pair holds above 1.3500. Recent intraday pullbacks towards 1.3575/00 have been short-lived, therefore selling at these levels is not the best thing to do right now. Key events of the FX Calendar today are the FOMC Meeting Minutes and Trichet’s speech.
EURUSD
As you can see in the chart below, interim resistance around 1.37 is still under pressure but a more notable barrier stands around 1.400
Euro Vs US Dollar Chart Daily 10-12-2011
USDCAD
US Dollar’s weakness remains intact and it seems that more downside is likely – towards parity where important support is formed.
US Dollar Vs Canadian Dollar Chart Daily 10-12-2011
AUDUSD
Not much changed since yesterday as resistance remains intact but the pullbacks are short-lived, therefore keeping an eye on resistance at 1.00 – considering new buying opportunities is probably the best thing to do for now.
Australian Dollar Vs US Dollar Chart Daily 10-12-2011
GBPUSD
Resistance around 1.5650 still holds but we’re not far below so there’s still a good chance that price will break higher.
British Pound Vs US Dollar Chart Daily 10-12-2011
Have a great day!
Isn't more Support than Resistance around 1.4000 € / $??
Sorry if my question sounds stupid but I'm trying to learn. :)
Hi
No, it's a resistance. What's above price level is resistance, what's below is support.
A support becomes resistance once price falls below it, vice-versa regarding resistance becoming support.
So in above chart (EURUSD), 1.400 was once support and became resistance when price dropped below.
Hope it makes sense and helps, cheers
Thanks!! :) I have learnt something new. Your analysis helped me to decide to go Long @ 1.3705 on this pair. As shown it is doing very well atm!! I love you more than anyone else ever loved you….LOL……….. :) :) Always in a brotherhood way of course ;) .
lol, you're welcome
Your analysis was quite accurate today.
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