Quote of the day: “Fight for your opinions, but do not believe that they contain the whole truth, or the only truth.” - Charles A. Dana
EURUSD – 1.4610 @06:50 GMT
Good morning. The euro is trading lower, pulling back from $1.4690 on Greek bailout uncertainty. Support at 1.4550/60 is intact and the pair holds into the lower half of 1.46 region at time of writing, ahead of ECB rate decision and press conference – today’s most important event in the FX Calendar, as President Trichet is likely to signal a rate hike next month. My plan to hold long on the break above 1.4650 turned bad and I exited for a loss on yesterday’s decline towards support zone. Now that the pair is back below 1.4650, but holds above 1.4550, I’m looking again for an exit out of this range. Upside is slightly favoured for now but the problems in Greece are adding pressure to current EUR recovery, so keeping an eye on this support zone for a potential breakdown -return to 1.44 is probably worth it.
Trading strategy: looking for a buying opportunity on break above 1.4650, initial stop at 1.4610 (0.5% risk), target open. Secondary plan is to sell on break of support at 1.4550/60, with an initial stop at 1.4610 (0.5% risk), target open
Support: 1.4600, 1.4550/60, 1.4500, 1.4450 and 1.4400
Resistance: 1.4650, 1.4700, 1.4740/60, 1.4800 and 1.4900
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bearish
- EURUSD 4hrs chart 6-9-2011
have a great day
Liviu, why is the EUR/USD selling off when T. announced a July rate hike?
because the market has a nasty habit to react totally different than most people expect :D
I guess it's all about Greece (again)
For your weekly trend review: http://screencast.com/t/AbqDMD661bpC
Similar channel on USDCHF. If both pairs closed above 10 d MA I will consider a long trade. Did you have a chance to watch the John Taylor interview? It aired while you were somewhere between San Gimignano and Venice :) http://video.cnbc.com/gallery/?video=3000025349
Yes I watched it, maybe I also linked to it in a Links post but I can't remember :)
EURCHF is a pain, I don't think it's worth to consider any medium-term long positions. For a scalp or two, yes…
Jim Roger's interview (link on the same page) is a good one. Maria Bartolomo should've not come to work.
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USDCHF and GBCHF channels. You are correct on the EURCHF though last good trad on EURCHF was when you pointed out the bearish channel about 3 weeks ago (I didn't traded thinking that the EUR can't go any lower, damn).
I doubt you linked in since on June 2nd you were doing wine tasting in Tuscany. Btw. did you drive to Italy or took a flight?
driving, because I don't like to stay too much in the same place and want to visit as much as possible and be free to go wherever-whenever
It was a 5000 km total driving in 2 weeks:)
Who is this Daniela character posting so much on your website, has she not got anything better to do ;)
LOL
hı..
Hi Liviu!__How was Italy? Last year I spent a week in Bari and loved it! Cheers!
Hi Mike, it was awesome! Next time you go to Italy, make sure you spend a few days in Tuscany :)
I'll post some pictures later today