Quote of the day: “Failure is nature’s plan to prepare you for great responsibilities.” - Napoleon Hill
EURUSD
Trading strategy: small size long on pullback to 1.3250, stop at 1.3190, 1st objective at 1.3300, 2nd objective at 1.3350
The euro found support, again, around 1.3180 which will probably remain a two-week bottom and recovered towards 1.3300 as the EU leaders meeting in Brussels have agreed on a permanent plan to provide assistance to member states in trouble. The currency pair will probably hold into the 1.3180-1.3440 range for now, though the bearish short-term sentiment is unlikely to change, unless 1.3440 will be breached and the recovery will extend higher, threatening 1.3780. Intra-day charts are bullish and it seems that more gains are possible, perhaps after confirming intra-day support around yesterday’s top side @1.3250. The economic calendar is lighter today and the most notable event is the German Ifo Business Climate at 9:00 GMT. Current exchange rate is 1.3290 @06:18 GMT
Support: 1.3250, 1.3180/00, 1.3100/25 and 1.2980/00
Resistance: 1.3300, 1.3400, 1.3440 and 1.3500
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD 4hrs chart 12-17-2010
- EURUSD hourly chart 12-17-2010
Have a great weekend!
