Quote of the day: “Marriage is like a bank account. You put it in, you take it out, you lose interest.” – Irwin Corey
EURUSD – 1.4835 @07:15 GMT
Good morning. Intraday resistance at 1.4850 is being tested at time of writing and there are no clues to point downwards yet. I don’t know if today’s Royal Wedding will have any impact on the financial markets, but if we check the Forex Calendar to see the usual events schedule – the most important today would be Fed Bernanke’s speech at 17:30 GMT which will likely boost Gold and Silver to fresh record highs, while the dollar will remain under pressure. Looking at both daily and weekly EURUSD charts, it’s quite clear that a test of $1.5 in the coming days is imminent. Maybe there’s where a multi-week correction will start. Meanwhile, buying dips and looking for new breakout buying opportunities are the best things to do.
Trading strategy: looking to buy a small size at 1.4870, stop at 1.4820 (0.25% risk), objective at 1.4970
Support: 1.4780/00, 1.4730/50, 1.4700 and 1.4600/30
Resistance: 1.4850, 1.4880/00, 1.4950 and 1.500
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD hourly chart 4-29-2011
Other setups to watch
EURCHF
- EURCHF 4hrs chart 4-29-2011
Have a good day. I’ll be back later and during the weekend with some interesting stuff.
phew! I guess there won't be any breakout on EURCHF today
Is it me or just the market in general have been doing it's own thing for the last few months?
many times they are irrational but in the last months I think they've been doing the right thing, going in the right direction -reflecting how the Fed is destroying the US dollar.
Hi Hi again. Out of curiosity, why don't you like hourly charts? Using them to identify an entry point for a four hour set up is quite good (to me). Like I said, I am just curious, you don't have to share if it's personal :)
Thanks
I just prefer the higher time frame charts. The daily are the most important for my own trading and I usually enter using pending orders, therefore no need to zoom to hourly or less to find/wait for entry points.
I find the smaller time frames too full of noise for my liking
Oh ok. True. Yea it makes a lot of sense.
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