Quote of the day: “The secret of patience is doing something else in the meanwhile” – Unknown Author
EURUSD – 1.4170 @08:05 GMT
Good morning. November’s 1.4280 is the next upside target as the euro surged to a fresh yearly high at $1.4185. My plan to buy at 1.3995 was good as the position reached almost 200 pips on Friday’s close. I am currently expecting a pullback from current levels and will look for a fresh buying opportunity – probably around 1.4100. ECB’s Trichet Speech is today’s most notable event in the FX Economic Calendar, at 15:00 GMT.
Trading strategy: looking to buy on potential pullback to 1.4085, stop at 1.4025 (0.5% risk), target open.
Support: 1.4085/00, 1.4000/30, 1.3930/50, 1.3900 and 1.3850
Resistance: 1.4200, 1.4260/80 and 1.4300
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD daily chart 3-21-2011
Have a good day!
