Quote of the day: History, in general, only informs us of what bad government is. – Thomas Jefferson
EURUSD
Trading strategy: looking to sell at 1.3260, stop at 1.3320, 1st objective at 1.3210, 2nd objective at 1.3110
1.3400 capped the upside yesterday and the euro is back below 1.33 and Monday’s bottom. The Irish government detailed the toughest budget on record yesterday, aiming to 6 billion euros in tax hikes and spending cuts. The IMF welcomed the Irish parliament’s action on the nation’s budget and scheduled a meeting on Friday to approve its 22.5 billion euro loan to Ireland, as the parliament is suggesting that enough of the budget is likely to pass to release the bailout funds. The US dollar was stronger across the board yesterday, not only against euro, but especially against gold which pulled back from a new record high @1430 and currently trades around 1392. It seems that more downside is likely in the EUR/USD, next target being 1.3100/25, followed by December’s open at 1.2980. Current exchange rate is 1.3211 @06:59 GMT
Support: 1.3200, 1.3150, 1.3100/25 and 1.2980/00
Resistance: 1.3260, 1.3300, 1.3400 and 1.3440
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs chart 12-8-2010
More trading setups
Gold
- Gold 4hrs chart 12-8-2010
USDJPY
- USDJPY 4hrs chart 12-8-2010
CHFJPY
- CHFJPY daily chart 12-8-2010
NZDUSD
- NZDUSD daily chart 12-8-2010
Have a nice day and happy trading!
