Quote of the day: Folks who don’t know why America is the Land of Promise should be here during an election campaign. – Milton Berle
EURUSD
Trading strategy: standing aside
Tested yesterday – 1.3570 provided intraday resistance but was breached during today’s Asian session, following Gold which bounced off support region around 1330, reaching session highs into the 1355 zone at time of writing. The EU and IMF officials are traveling to Dublin to discuss a possible aid package for Ireland and that seems good news for the bulls (for now). Short covering is also fueling current recovery but there are more big figures to be conquered until all the dollar shorts will be rebuilt – $1.38 being the 1st level to confirm positive sentiment on short-term basis. While the euro is managing to find some support, risk is “on” and I think it’s better to look at other risk sensitive pairs (one of those is the AUD/JPY) which look bullish and shouldn’t be “that” affected if euro’s recovery will fail. Apart from the meeting in Dublin which should be the main theme these days, today’s notable data release in the economic calendar is the U.S. Initial Jobless Claims. Current exchange rate is 1.3592 @06:45 GMT
Support: 1.3550/70, 1.3500, 1.3450/60 and 1.3400
Resistance: 1.3650, 1.3700 and 1.3800/20
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD hourly forex chart 11-18-2010
More trading setups
AUDJPY
- AUDJPY 4hrs forex chart 11-18-2010
GBPUSD
- GBPUSD 4hrs forex chart 11-18-2010
EURCHF
- EURCHF 4hrs forex chart 11-18-2010
Gold
- XAUUSD 4hrs chart 11-18-2010
Have a great day
