Quote of the day:“Simplicity is the peak of civilization.” - Jessie Sampter
EURUSD – 1.4394 @07:16 GMT
Good morning. The euro recovered some ground following AUD and metals, but remains under pressure – current recovery being modest so far and there’s enough room to the upside until notable resistance may be tested, at 1.4550 and 1.4650. Both 4-hrs and daily charts are bearish while resistance around 1.4450 is intact – former support trendline coming from February’s bottom at 1.3430 connecting next higher lows. My plan to sell at 1.4370 yesterday was triggered and I had to exit for a small loss when the pair returned to the upside after finding support at 1.4320. Although technically, last two daily candles are suggesting further upside action, it’s a bit too early to call it a bottom and I think it’s best at this moment to look for selling opportunities on signs of weakness or wait for a clearer view.
Trading strategy: standing aside
Support: 1.4300/20, 1.4250, 1.4150, 1.4000 and 1.3900
Resistance: 1.4400/20, 1.4450/75, 1.4550 and 1.4650
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – slightly bullish
- EURUSD daily chart 5-11-2011
- AUDUSD daily chart 5-11-2011
- Gold 4hrs chart 5-11-2011
Have a good day
buying opportunities in gold and silver are a safer bet than EURUSD longs. Silver is ready to test 40