EURUSD Flirting With $1.47 After Bernanke Speech

Quote of the day: “When ideas fail, words come in very handy” - Johann Wolfgang von Goethe

EURUSD – 1.4675 @06:38 GMT

Good morning. EURUUSD is little changed after yesterday’s Bernanke Speech and upside remains under pressure in a non-volatile trading range, averaging 130-pip/day over the couple of days. Notable resistance is seen at 1.4750 followed by 1.4900, higher. Support starts at 1.4630/50, backed by 1.4600 and 1.4550, while more important support stands at 1.4400/50. My plan to look for a buying opportunity on break above 1.4650 yesterday has worked well so far and I’m still holding the position. Today’s Economic Calendar is lighter but all eyes are on tomorrow’s ECB rate decision and press conference.

Trading strategy: holding long at 1.4660, initial stop at 1.4610 (0.5% risk), target at 1.4750

Support: 1.4630/50, 1.4600, 1.4550/60, 1.4500, 1.4450 and 1.4400
Resistance: 1.4700, 1.4740/60, 1.4800 and 1.4900
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish

have a great day and good luck trading!

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Post tags: Bernanke, ECB, EURUSD, Interest Rate Decision, Trichet