Quote of the day: “The hard reality of trading is that, if you want to create consistency, you have to start from the premise that no matter what the outcome, you are completely responsible.” – Mark Douglas
EURUSD - 1.3323 @06:39 GMT
Trading strategy: looking to buy on pullback to 1.3230, stop at 1.3170 (0.5% risk), 1st objective at 1.3280, 2nd objective at 1.3400
Good morning. The euro had a tremendous week, recovering from 1.2870 to as high as 1.3450 where it faced multi-week resistance. Momentum studies are bullish on a short-term basis since the pair has broken above 1.3200 and current pullback from 1.3430/50 seems corrective – sentiment remaining intact as long as 1.3200-1.3250 will be a stable bottom. Other pairs have recovered strongly last week – such as EURCHF and EURJPY – both breaking above previous lower high zones, signaling a trend reversal on short-term basis. Cable was even a better performer, flirting with the 1.6 psychological barrier already – overall looking bullish on both short and medium term studies. Looking for buying opportunities on pullback or break higher seems a good plan for now.
Support: 1.3300, 1.3230/50, 1.3200 and 1.3150
Resistance: 1.3400, 1.3430/50 and 1.3500
Market sentiment: long term – mixed, medium term – bearish, short term – bullish, intraday – bearish
- EURUSD daily chart 1-17-2011
- EURUSD 4hrs chart 1-17-2011
USD Index
- USD Index daily chart 1-17-2011
Have a great day and good luck trading
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