Quote of the day:“When a stupid man is doing something he is ashamed of, he always declares that it is his duty.” - George Bernard Shaw
EURUSD – 1.4878 @07:06 GMT
Good morning. Yesterday’s breakout was fake but the euro is holding gains not far below 1.49 before the ECB Rate Decision and Press Conference due later today. Fed Bernanke’s speech and Initial Jobless Claims are other important events in the Forex Calendar today. The range is still in play and the daily chart doesn’t suggest much at this point. Hourly studies are slightly bullish though, as interim resistance at 1.3870 is being tested at time of writing. My plan to buy on break of range turned bad as price returned into the range, so I had to accept a loss and move on. It is still tempting to look for buying opportunities on (yet) another breakout attempt, but I guess I’ll just watch or focus on other pairs until direction is more clear.
Trading strategy: standing aside
Support: 1.4770/00, 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 daily chart 5-5-2011
- EURUSD hourly chart 5-5-2011
have a good day!
