Quote of the day: Never solve a problem from its original perspective. – Charles Thompson
EURUSD
Trading strategy: standing aside
The dollar recovered some ground after the euro reached a fresh multi-month top at $1.4120. Support is provided by 1.400 and if the pair holds into this region today, a weekly close above 1.400 will be interpreted as yet another bullish sign on medium term and longer term basis. Today’s economic calendar is dominated by the Bernanke’s speech, the CPI and Retail Sales data releases. Intra-day studies are slightly bearish at time of writing as the euro is consolidating between 1.400 and 1.4100, below today’s open levels, but may turn positive if 1.4015 (50% of 1.3910-1.4120) holds. Current exchange rate is 1.4055 @05:55 GMT
Support: 1.3990/00, 1.3900/30, 1.3850/80, 1.3800 and 1.3680/00
Resistance: 1.4100/20, 1.4200 and 1.4300
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intra-day – slightly bearish
- EURUSD hourly chart 10-15-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 10-15-2010
AUDUSD
- AUDUSD 4hrs chart 10-15-2010
EURCHF
- EURCHF 4hrs chart 10-15-2010
Gold
- Gold hourly chart 10-15-2010
Have a great weekend!
