Quote of the day:“When you have faults, do not fear to abandon them.” – Confucius
EURUSD – 1.3868 @07:35 GMT
Good morning. The euro is orbiting around 1.3850 since yesterday afternoon, after recovering from intra-day lows at 1.3750. Upside is under pressure ahead of today’s ECB Interest Rate Decision and the press conference later today. Should the ECB maintain a hawkish tone, $1.40 will probably be the next objective. Other important events in the Forex Economic Calendar today are the US Initial Jobless Claims and Nonfarm Productivity at 13:30 GMT. I remain bullish on EUR for now and I think that the EUR will stabilize above 1.3850 in the coming days. Both short-term and mid-term charts are bullish and picking a top at current levels doesn’t seem the best thing to do, unless Fibonacci numbers are very important in your trading decisions – as the 61.8% of full decline from 1.5140 to 1.1875 is here – at 1.3850 (see the weekly chart below)
Trading strategy: looking to buy on pullback to 1.3850, stop at 1.3790 (0.5% risk), objective at 1.400.
Support: 1.3800, 1.3750/60, 1.3710/30 and 1.3650
Resistance: 1.3880, 1.3900 and 1.400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD daily chart 3-3-2011
- EURUSD weekly chart 3-3-2011
Have a great day and good luck trading
Good luck Liviu!
thanks, to you too
:) results were sweet.
Great short. Can you post your update idea on USD/JPY and GBP/CHF on Daily Chart too?
just posted an update including USDJPY. Regarding GBPCHF – it looks like a good buy around 1.52
A quick question. If you have an open position and decide to leave it over night but then you realize that there is a major economic event the next day, do you close the position or leave it ?
I have no problem with leaving positions overnight. Scheduled economic events are not scary in nature.
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