Quote of the day: He who is not courageous enough to take risks will accomplish nothing in life. – Muhammad Ali
EURUSD
Trading strategy: standing aside
The euro holds above 1.3600 and is currently facing intraday resistance around 1.3650, after it climbed yesterday on Ireland optimism. Next resistance region comes around 1.3750 which served both as support and resistance in the last weeks and current price action suggests further gains towards the said barrier; therefore, break above 1.3650 could provide buying opportunities, with stops into/below the 1.3570/00 region. It is Friday already and today’s notable events in the forex economic calendar are Bernanke and Trichet’s speeches. I remain neutral on the euro on a short-term basis and rather look at some better-performing pairs – and Cable is one of them right now, as a break above the falling trendline connecting previous 2 weekly tops is possible. Another is the AUD/JPY which found support at 82 and is likely to re-challenge 82.70-83.00. GBP/CHF doesn’t look bad either, as 1.5800 was a solid support since 2009 and it was breached again from the downside this week – event favoring further upside action towards 1.62+. Current exchange rate is 1.3670 @06:53 GMT
Support: 1.3600, 1.3550/70, 1.3500, 1.3450/60 and 1.3400
Resistance: 1.3650/70, 1.3700 and 1.3800/20
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD 4hrs forex chart 11-19-2010
More trading setups
GBPUSD
- GBPUSD 4hrs forex chart 11-19-2010
GBPCHF
- GBPCHF daily forex chart 11-19-2010
- GBPCHF weekly forex chart 11-19-2010
AUDJPY
- AUDJPY 4hrs forex chart 11-19-2010
EURCHF
- EURCHF 4hrs forex chart 11-19-2010
Have a nice weekend
