Quote of the day: “Under capitalism, man exploits man. Under communism, it’s just the opposite.” – John Kenneth Galbraith
EURUSD – 1.3641 @06:38 GMT
Trading strategy: standing aside
Another day, another high – the euro rose to 1.3685 against the dollar yesterday, not far below resistance zone around 1.3730 which provided support in October and became resistance in November. Above 1.3730, next key objectives are 1.400 and 1.4100. Support at 1.3530 could have been a good buying point yesterday, though it wasn’t reached, as price reversed 10 points above it. There seems to be more upside for the euro in the near term as there are no reversal signs yet – but in case of an extended correction from current levels – same 1.3530 will probably limit the downside. You might want to check the Forex calendar for important events today – one of them being the GfK German Consumer Climate at 07:00 GMT.
Support: 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 daily chart 1-25-2011
- EURUSD 4hrs chart 1-25-2011
Have a great day and good luck trading!
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