Quote of the day: “We have guided missiles and misguided men.” – Martin Luther King
EURUSD – 1.3314 @06:27 GMT
Trading strategy: looking to buy at 1.3335, stop at 1.3285 (0.5% risk), objective at 1.3435
Good morning. First line of support that I highlighted yesterday around 1.3230 remained intact after the euro pulled back from recent top side. Intra-day studies still show signs of weakness as current 4hrs candle stands below minor resistance around 1.3330 – which served as support on last rally few days ago. Short-term studies are bullish and there might be more upside to explore if price will stabilize above 1.3330, thus opening 1.3430/50. Else, selling on breakdown below 1.3230/50, targeting 1.3070/00, should be a viable plan. Today’s notable data release in the economic calendar is the German Zew Economic Sentiment at 10:00 GMT.
Support: 1.3300, 1.3230/50, 1.3200 and 1.3150
Resistance: 1.3330/50, 1.3400, 1.3430/50 and 1.3500
Market sentiment: long term – mixed, medium term – bearish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 1-18-2011
- EURUSD daily chart 1-18-2011
Have a great day!
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