Quote of the day: “The greatest mistake you can make in life is to be continually fearing you will make one” - Elbert Hubbard
EURUSD – 1.4454 @06:35 GMT
Good morning. It’s the start of a new week and the main question is whether a correction is due in the coming days. If yes, then first support levels where some would look for new buying opportunities come at 1.4350/80 backed by 1.4250 and 1.4170. Below 1.4170, short-term sentiment should turn slightly negative but judging by current conditions it seems more likely that price will continue to pressure the upside. Next upside barrier is seen at 1.4500, followed by 1.4600. At this stage I prefer to buy dips and will wait for a potential pullback towards 1.4350. Some of the important events in the FX Calendar this week are the German Zew, US Trade Balance, US Retail Sales, US Initial Jobless Claims and CPI.
Trading strategy: looking to buy on potential pullback to 1.4350, initial stop at 1.4290 (0.5% risk), target open
Support: 1.4400, 1.4350, 1.4250, 1.4130/50, 1.4100, 1.4070 and 1.4000/30
Resistance: 1.4500, 1.4600 and 1.4700
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 4-11-2011
Have a good day
So if you know it's going to pullback do you go short or wait for the retracement and then go long with the trend? I really like your site…
Hi
I don't know – I'm just guessing.
I feel more comfortable to buy dips so I won't sell. If trend resumes and price breaks 1.45, I'll buy again.
Thanks :)
But with 6 consecutive bullish candles, one can almost be completely certain that there is gonna be a pullback.
With support of 1.4350 will it return towards bullish………..? Because yesterday your market sentiment was bullish but it went down. Will you pls tell me what woulk be the today*s Trend…….
Market sentiment is how the market is at a given time (i.e.: right now or when publishing an article). It doesn't mean that if it is bullish now, the market will remain that way.
Please don't expect anyone to know where the market is going, it's better for your money. Nobody knows.
Forecasting is guessing.
Will it rise or fall today? I have no idea. But personally I prefer to look for buying opportunities in both cases.
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