Quote of the day: “All you need in this life is ignorance and confidence; then success is sure.” – Mark Twain
Check my previous post for some potential setups for this week
EURUSD
Trading strategy: looking to sell on pullback to 1.3240, stop at 1.3290, 1st objective at 1.3190, 2nd objective at 1.3110
Last week’s bottom near 1.3200 is again being tested at the time of writing and break lower should open 1.2980 – next short-term support and monthly open. The falling trendline connecting last week’s lower highs is still valid and currently stands around 1.3250 and even if it breaks within the next sessions, the euro will most likely maintain a bearish tone ahead of December 16 and 17 when the EU leaders will attend a summit. Other important events in the economic calendar in the coming days are tomorrow’s German Zew Sentiment, US Retail Sales data and the Fed Interest Rate Decision. While there are no signs of recovery, either technical or fundamental, selling on minor upside pullbacks or break lower should do the trick. Current exchange rate is 1.3192 @06:31 GMT
Support: 1.3150/80, 1.3100/25 and 1.2980/00
Resistance: 1.3250, 1.3330, 1.3400, 1.3440 and 1.3500
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs chart 12-13-2010
- EURUSD 1d chart 12-13-2010
Have a nice day and good luck trading
i am agree with you. The trend on eurusd today is look like it will break the trendline. Also, the momentum is a Bearish signal.