Quote of the day: “Unemployment is capitalism’s way of getting you to plant a garden.” – Orson Scott Card
EURUSD
Trading strategy: looking to sell on potential pullback to 1.3080, stop at 1.3140 (0.5% risk), 1st objective at 1.3030, 2nd objective at 1.2980
Good morning. The euro extends losses against the dollar and now trades below the $1.300 mark, after losing 200 points yesterday. December’s open which provides minor support is being tested and a decline to $1.26 could be seen in the coming days. Despite recent losses, technically the medium term trend, initiated at 1.1875, is still in a positive configuration – but last higher low resides at 1.26 and I believe that most clues pointing towards that direction. Again, speaking of current conditions – the rising trend line which is connecting previous lows, since late August, was breached yesterday around 1.3100. Most important events in the economic calendar today are the NFP / December Employment report at 13:30 GMT and Bernanke’s testimony at 14:30 GMT, so it’s one of those days you don’t want to get caught with large intra-day bets open when the news hits the screen. Current exchange rate is 1.2991 @06:22 GMT
Support: 1.2950/70, 1.2900 and 1.2800
Resistance: 1.3050, 1.3100, 1.3200 and 1.3250
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 1d chart 1-7-2011
- EURUSD 4hrs chart 1-7-2011
It’s not a promise but I will probably be back a bit later today, sharing some charts.
Have a nice day and good luck trading
