Quote of the day:“A paranoid is someone who knows a little of what’s going on.” - William S. Burroughs
EURUSD - 1.4111 @06:50 GMT
Good morning. Downside remains under pressure as recent upside pullbacks were short-lived. European finance ministers are meeting today and tomorrow and current fears that Greece will be forced to restructure its debt are dragging the euro down towards $1.40 which is a key support level, followed by $1.39 lower – the 50% retrace value of this year’s full upleg from 1.2870 to 1.4940. On the weekly charts, former resistance is currently providing support around 1.400, while the daily charts are bearish and potential rallies will probably face resistance into near-term resistance zone at 1.4300/20 and 1.4450. Given the current market sentiment, it’s unlikely that we’ll see a strong move towards 1.44 in the coming days. Anyway, looking for selling opportunities on both upside pullbacks and a break below current session low at 1.4050 is probably the best thing to do. I remain bearish on EURUSD on short-term basis, as long as the pair doesn’t return above 1.45. Today’s important events in the Economic Calendar are the Euro-zone CPI at 10:00 GMT and Bernanke’s speech later today
Trading strategy: looking to sell on potential pullback to 1.4230, initial stop at 1.4280 (0.5% risk), target open
Support: 1.4050, 1.4000 and 1.3900
Resistance: 1.4150, 1.4200, 1.4280/00, 1.4350/70
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD daily chart 5-16-2011
Have a good day
I told you something big was going to happen on the weekend :-) Although it turns out to be more amusing than alarming. Hopefully something big for next weekend though :p
you were right. :)
What's your take on DSK's rape charges? A setup as he probably pissed someone or the guy is a pervert?
LOL. The whole thing sounds too unbelievable to even have made it up. It hardly makes a difference to the world to lose one man in a corrupt organization of thousands of people. They will replace him and within two months we will have forgotten who he is.
At this stage I am more concerned about the CHF continuing to be soooo strong. And the weather for this weekend :-)
I'm concerned about the weather too – leaving on Friday for a short summer holiday. B)
Oh yes, I forgot you are going away. We were going to come down and see you. The timing always seems to be wrong. Enjoy yourself.
yep, too bad, but I'll be back in 2 weeks and will stay here for most of the summer.
Hi, Your strategy was perfect, as EUR hit just over 1.4230 and back now. Can I share your knowledge on how you projected this level pull back? Do you trade other currucy pairs too? Thankis. Charlie
Hi Charlie,
I used a common fib retrace value on the potential selling point, nothing special about it.
yes, I trade many others
Thanks Liviu. I can only see EUR analysis. Is there any way to see your strategies for other currency pairs? Regards Charlie.
I'm posting setups for several different/rantom pairs from time to time, not on a daily basis though.
This was the last one: http://www.innerfx.com/analysis-and-forecasts/dai…
Keep an eye on the blog and stay up to date, you'll notice when new analysis will be posted :)
I'm not posting them on a daily basis because I don't have that much time right now
Thanks for valuable information. If you need an assistance, I would like to put my name on your list. I trade in Asia time and early London session. Keep in touch.
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