Quote of the day: “Knowing is not enough; we must apply. Willing is not enough; we must do.” – Johann Wolfgang von Goethe
EURUSD
Trading strategy: looking to buy at 1.3380, stop at 1.3320 (0.5% risk), 1st objective at 1.3430, 2nd objective at 1.3600
The euro recovered against the dollar after testing bids into the 1.3250 support region, median retrace value of last up leg from 1.3080 to 1.3420. The recovery was correlated to other pairs such as EUR/CHF, EUR/JPY and EUR/GBP, following equities which rose in the US trading session. Short-term resistance stands around last week’s top at 1.3420 and next barrier follows around 1.3730 in case risk appetite will remain high, thus favoring further gains in risk sensitive pairs. Looking below current trading levels – support starts around 1.3290, followed by 1.3250 and 1.3200. Today’s notable event in the economic calendar is the FOMC Meeting Minutes at 19:00 GMT. Current exchange rate is 1.3349 @07:05 GMT
Support: 1.3290, 1.3250, 1.3180/00, 1.3070/00 and 1.3000/30
Resistance: 1.3400/30, 1.3500 and 1.3600/15
Market sentiment: long term – mixed, medium term – bullish, short term – slightly bullish, intraday – bearish
- EURUSD 4hrs chart 1-4-2011
- EURUSD 1d chart 1-4-2011
More charts and trading setups
EURGBP
- EURGBP 1d chart 1-4-2011
EURCHF
- EURCHF 4hrs chart 1-4-2011
AUDUSD
- AUDUSD 4hrs chart 1-4-2011
USDJPY
- USDJPY 1d chart 1-4-2011
Have a great day and good luck trading!
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