Quote of the day: “What people say you cannot do, you try and find that you can.” - Henry David Thoreau
EURUSD – 1.3814 @06:23 GMT
Hello. The euro recovered yesterday and is back around 1.3800 at time of writing. Resistance starts at 1.3850/60 – level that is still intact after several tests in February. Upside is favored for now and the daily studies are showing bullish signals, so I am thinking that buying on strength, on the potential breakout above 1.3850, would be a good plan. On the other side – notable support stands at 1.3710/30. Today’s key event in the Forex Calendar is Bernanke’s testimony at 15:00 GMT.
Trading strategy: looking to buy at 1.3850, initial stop at 1.3780 (0.5% risk), objective at 1.400
Support: 1.3750/60, 1.3710/30, 1.3650, 1.3550/80 and 1.3500
Resistance: 1.3850/60, 1.3900 and 1.400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD daily chart 3-1-2011
- EURUSD 4hrs chart 3-1-2011
Maybe I’ll be back later today. Good luck
Thank you…
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