Quote of the day: “Hegel was right when he said that we learn from history that man can never learn anything from history.” - George Bernard Shaw
EURUSD – 1.4418 @07:00 GMT
Good morning. I was wrong yesterday expecting the interim/pivotal resistance at 1.4350 to hold and EUR to extend correction. It has already recovered most of recent losses and is currently establishing support above 1.4350-1.44, so we can keep our eye on recent top which is not far away. Short-term studies are slightly bullish but the pair should hold above 1.4350 in the next trading sessions in order to conserve momentum, therefore looking for buying opportunities on minor pullbacks towards 1.4350 seems a good plan at this point.
Trading strategy: looking to buy at 1.4355 on potential pullback, initial stop at 1.4295 (0.5% risk), target open
Support: 1.4200, 1.4150, and 1.4100/30
Resistance: 1.4300, 1.4350 and 1.4400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 4-20-2011
- EURUSD weekly chart 4-20-2011
have a good day and good luck
