Quote of the day: “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” – Napoleon Bonaparte
EURUSD - 1.3815 @07:50 GMT
Trading strategy: looking to buy at 1.3860, stop at 1.3810 (0.5% risk), 1st objective at 1.3900, 2nd objective at 1.400
Good morning. Despite being Thursday, the week is far from over – says the Economic Calendar. With the ECB Decision and Press Conference today, followed by Bernanke’s speech later and NFP tomorrow – volatility is just around the corner. The euro holds gains against the buck quite well, consolidating around 1.3800 at time of writing and that’s just normal after gaining 300 points in 2 days (Friday – Monday range). Possible setups I’m considering at this point are buying on next leg up – if price retests 1.3850, or look for a selling opportunity if 1.3750 support fails. For some interesting charts and more thoughts on EURUSD, check my previous post in case you missed it.
Support: 1.3800, 1.3750, 1.3650 and 1.3575/00
Resistance: 1.3860, 1.3900 and 1.400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – neutral / slightly bearish
- EURUSD hourly chart 2-3-2011
- EURUSD daily chart 2-3-2011
Have a nice day and good luck trading
