Quote of the day: “Long run is a misleading guide to current affairs. In the long run we are all dead.” – John Maynard Keynes
EURUSD – 1.3690 @06:28 GMT
Trading strategy: standing aside
Good morning. The euro maintains a bullish stance, trading near 1.37 against the US dollar at time of writing – ahead of today’s FOMC Interest Rate Decision. Resistance around 1.3740 which I mentioned yesterday is the most important level near current level, being both a former support in October and a fibonacci ratio – the 61.8% of the full decline from 1.4275 to 1.2865. Maybe a correction is due – but the short-term sentiment will remain bullish as long as the 1.3430-1.3530 support zone won’t be challenged. The US FOMC Interest Rate Decision at 19:15 GMT is today’s most important event in the Forex calendar; another important data release being the New Home Sales earlier – at 15:00 GMT.
Support: 1.3600, 1.3530, 1.3430/50, 1.3360 and 1.3300
Resistance: 1.3700, 1.3730/50 and 1.3800
Market sentiment: long term – mixed, medium term – mixed, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 1-26-2011
- EURUSD daily chart 1-26-2011
I might be back later today. Have a nice day and good luck trading!
