Quote of the day:“Humanity is acquiring all the right technology for all the wrong reasons.” - R. Buckminster Fuller
EURUSD – 1.4136 @07:34 GMT
Good morning. The market behaviour in the last days suggests a warning, as resistance around $1.42 was strong enough to halt the uptrend. But current recovery initiated around 1.4020/50 is shaping a bull flag formation, which is the 2nd one since bottoming at 1.2875 in January. I am still bullish on EURUSD, not necessarily because EUR is stronger across the board but rather because USD is under huge pressure against its most counterparts, especially metals. I think there’s more upside to be seen in the coming days and I’m looking for buying opportunities as long as EURUSD holds above 1.400, which is a key support on short term basis. What I’m waiting for right now is a confirmation that the bull flag is valid and finding support above 1.4150 will do the trick, eventually. Meanwhile, I’m also keeping an eye on USDPLN for the trade setup discussed last week and the EURGBP trade is going great thus far.
Trading strategy: looking to buy at 1.4160 on 4-hr bar close above 1.4150, stop at 1.4000 (0.5% risk), target open
Support: 1.4100, 1.4000/30, 1.3930/50 and 1.3870
Resistance: 1.4150, 1.4200/20 and 1.4260/80
Market sentiment: long term – mixed, medium term – bullish, short term – mixed, intraday – bearish
- EURUSD daily chart 3-29-2011
have a great day!
do you think today will be bearish to 1.4000? Kindly need your prediction. Thanks
sorry to disappoint you but I have no idea.
There are reasons to support both bullish and bearish scenarios, yet none is good enough so the market is in "wait and see" mode and so am I.
Pingback: Mid-Week EUR Thoughts, Charts and Setups | FX Trading Blog - innerfx.com