Quote of the day:“As every thread of gold is valuable, so is every moment of time. ” – John Mason
Good morning. We had a correction up to 1.4135 after the euro found support yesterday into the 1.4000-1.4050 support zone, but price is currently retreating off the session highs – trading at 1.4075 right now. As I wrote yesterday, I am expecting the EUR to remain under pressure before the summit this week and I’ll continue to monitor the said support zone between 1.4000 and 1.4050. I am currently holding a small short position at 1.4100, with an open target and a stop at 1.4135 – because I think that a retest of Asian highs would have a good chance to turn into an extended gain towards 1.42 so I rather exit earlier than planned yesterday (at 1.4160). The German Zew Sentiment is one of most important events scheduled in the economic calendar today, but most eyes will be on the Greek and Spanish bond auctions.
Trading strategy: holding short at 1.4100, stop at 1.4135, target open
Support: 1.4050, 1.4000/20, 1.3900 and 1.3840/60
Resistance: 1.4100/30, 1.4180/00 and 1.4250/80
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
Just a quick reminder: if you’re on social sites such as Facebook or Twitter (who isn’t on FB these days?!), you can follow innerfx either by subscribing to the Facebook page or by following on Twitter
EURUSD 4hrs chart 7-19-2011
Cheers and thanks for reading
Pingback: EURUSD Holds Above Support Zone Before Eurpean Summit Day | FX Trading Blog - innerfx.com