Quote of the day: “Blessed are the young for they shall inherit the national debt.” – Herbert Hoover
EURUSD – 1.3537 @05:40 GMT
Trading strategy: looking to sell at 1.3500, initial stop at 1.3560 (0.5% risk), objective open.
Support at 1.3500 still holds but the downside remains under pressure as the Euro-zone debt problem is again the main topic ahead of finance ministers meeting today and tomorrow. While Portugal’s 10-year bonds are at 11-year high and the weekly charts showing the 3rd reversal candle in a row – it is not a good idea to buy this dip. The daily charts are heavier, showing bearish warnings as long as 1.3650-1.3750 caps the upside on potential upside pullbacks, therefore testing the median level of last month’s up leg at 1.3360 is in the cards soon. The next few days will be interesting as there are many important events in the Forex Calendar this week.
Support: 1.3500/30, 1.3430/50 and 1.3360
Resistance: 1.3580/00, 1.3650, 1.3700 and 1.3730/50
Market sentiment: long term – mixed, medium term – bullish, short term – slightly bearish, intraday – bearish
- EURUSD daily chart 2-14-2011
- EURUSD weekly chart 2-14-2011
Have a great day
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