Quote of the day: “We can draw lessons from the past, but we cannot live in it.” - Lyndon B. Johnson
EURUSD - 1.4470 @06:22 GMT
Greetings. The 4-hrs chart reflects weakness as price is pulling back below $1.45 to retest support zone around 1.4450. Next support stands at 1.4400 and 1.4340/50 and the daily chart will remain bullish as long as the said region is intact. I expect the downside to remain limited ahead of Thursday’s ECB meeting, when they are expected to raise interest rates to by 25 bps to 1.5%. Therefore, looking for buying opportunities on signs of uptrend continuation could be a good idea.
Trading strategy: looking to buy at 1.4400, initial stop at 1.4340 (0.5% risk), target open
Support: 1.4450, 1.4400/30, and 1.4300/20
Resistance: 1.4500, 1.4550/75, 1.4600 and 1.4700
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bearish
- EURUSD 4hrs chart 7-5-2011
Have a good day!
Well done Liviu i went long 1.4467 i thing today could be high because of USA data.
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Visiting this blog is our real pleasure. Should like to thank admin for sharing such a useful information and starting this thread in addition to that we suggest traders not to panic when market is in profit booking state. Investors and traders should understand that in volatile stock market conditions they should switch to trading.
Mcx Tips