Euro Pulling Back. Potential Reversal Sign?

Quote of the day:“Train yourself to let go of the things you fear to lose.” ~ George Lucas

Good morning. Yesterday I wrote an article on Breakout trading, so in case you missed it – you may want to check it out. There are some more things I’d like to add so I’ll continue the article in the next days. Now let’s see what are the interesting charts to start the day – ahead of FOMC Meeting Minutes, most important event of today’s FX Calendar

EURUSD

The pair is little change since yesterday, sentiment being pretty much the same since a few weeks ago – no decisive moves, mostly range bound, rallies short-lived at or below several resistance levels. I for one don’t see a strong reason (right now) why euro’s recovery should extend (much) further.

Euro vs US Dollar Daily Chart 8-30-2011

Euro vs US Dollar Daily Chart 8-30-2011

Zooming in: hourly chart looks better as there’s a possible short scenario if price breaks below 1.4500 support

Euro vs US Dollar Hourly Chart 8-30-2011

Euro vs US Dollar Hourly Chart 8-30-2011

AUDUSD

Price is pulling back at time of writing after yet another good run to the upside. Support around 1.0600 is probably a good level to look for buying opportunities later, if we get there

Australian Dollar Vs US Dollar Daily Chart 8-30-2011

Australian Dollar Vs US Dollar Daily Chart 8-30-2011

EURAUD

There are several clues of weakness seen lately and the cross is now trading below support. Selling on corrective rallies towards 1.37 is a plan to consider

Euro vs Australian Dollar Daily Chart 8-30-2011

Euro vs Australian Dollar Daily Chart 8-30-2011

have a great day!

4 thoughts on “Euro Pulling Back. Potential Reversal Sign?

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