EURUSD Recovering Some Ground, Remains Vulnerable on Greece Worries

Quote of the day:“Nothing is as simple as we hope it will be.” - Jim Horning

EURUSD – 1.4429 @06:46 GMT

Good morning. The euro recovered from 1.4330 where support was found but current recovery looks corrective and the pair may continue to fall on Greek worries. Intraday resistance is being tested at 1.4430/50 at time of writing, followed by 1.4500 and 1.4550/60 higher. I remain bearish on EURUSD for now and I entered a small short position here, at 1.4430, as planned yesterday. Today’s key event in the FX Calendar is the US Retail Sales data, at 12:30 GMT.

Trading strategy: holding short at 1.4430, initial stop at 1.4480 (0.5% risk), target open

Support: 1.4400, 1.4300/30, 1.4250 and 1.4200
Resistance: 1.4430/50, 1.4500 and 1.4550/60
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish

have a great day!

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Post tags: Euro-zone crisis, EURUSD, Greece