Quote of the day: “Between two evils, I always pick the one I never tried before.” – Mae West
EURUSD – 1.3480 @06:10 GMT
Trading strategy: long on minor pullback to 1.3440, stop at 1.3380 (0.5% risk), objective at 1.3600
The euro is climbing higher, breaking above the 1.3450 resistance zone at time of writing and it seems there is more upside in the market – next upside barrier standing at 1.3570/00, followed by 1.3700. I remain bearish on USD for now, as discussed in my evening article, from yesterday. If the EUR is going to stabilize above former resistance, then minor intra-day pullbacks should find support into the 1.3400-1.3450 region. Buying on break higher such as this one above 1.3450 or minor pullbacks (not caused by some major Eurozone news – those won’t be minor) look like good bets for now.
Support: 1.3430/50, 1.3360, 1.3300, 1.3230/50 and 1.3200
Resistance: 1.3500, 1.3570 and 1.3700
Market sentiment: long term – mixed, medium term – mixed, short term – bullish, intraday – bullish
- EURUSD daily chart 1-19-2011
I might be back later today. Good luck
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