Quote of the day:“Democracy don’t rule the world, You’d better get that in your head; This world is ruled by violence, But I guess that’s better left unsaid.” – Bob Dylan
EURUSD - 1.3757 @07:30 GMT
Hello. The euro pulled back from 1.3850 resistance level yesterday amid renewed Middle East concerns. Gold is trading at record highs and oil is also climbing higher. Support at 1.3750 is currently being tested and if it fails to hold – next support comes at 1.3680/00. My yesterday plan to buy on strength – expecting a breakout higher was bad, as resistance at 1.3850/60 remains intact. Anyway, tomorrow’s ECB Interest Rate Decision is one of the key events that may propel the euro higher – if the ECB maintains a hawkish tone. The daily charts are still bullish but we should be cautious due to yesterday’s reversal candle – quite similar to the one of February 2nd.
Trading strategy: standing aside
Support: 1.3750/60, 1.3710/30, 1.3650, 1.3550/80 and 1.3500
Resistance: 1.3800, 1.3850/60, 1.3900 and 1.400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bearish
- EURUSD 4hrs chart 3-2-2011
- EURUSD daily chart 3-2-2011
have a good day and good luck trading!
I agree with you. As crude oil/Ag commodities stay high, inflation is a threat. Euro rate looks higher from here. I also bullish on Euro; any dip should be shallow.
Hi Kenwei
I still have a running long EURUSD since a week ago so I will add on strength.
AUDUSD looks very good, will buy it on the first sign that this correction is over. Silver is also in buy-buy-buy mode, no doubt.
AUDUSD daily chart definitely looks bullish, also supported by metal strengths. However, I am afraid silver runs well ahead of gold. Although MENA situation continues supporting its bullishness, a correction once due will be big too. So I am cautious with silver.
AUDUSD looks even better now than it looked few hours ago when we looked at it. Also EURUSD, back upside
USDJPY is good to sell on trendline failure. Once below – it has a good chance to run for a fresh record low.