Quote of the day:“If the facts don’t fit the theory, change the facts” – Albert Einstein
EURUSD – 1.4250 @06:40 GMT
Good morning. 1.4230/50 is currently providing minor intraday support after yesterday’s recovery initiated at 1.4130. Current upside pullback is still weak compared to last down leg from 1.4935 to 1.4050, so there’s still more room EUR to advance higher, in order to challenge notable barriers at 1.4400/50 and 1.4500. Short-term sentiment is bearish while the hourly charts are bullish at time of writing and as long as the pair holds above 1.4200/30. I closed my short trade at breakeven on yesterday’s recovery but will look for more selling opportunities in the coming sessions: the 1.4350-1.4400 region seems a decent selling region if current recovery continues, but selling on the potential break below current support zone at 1.4200 is also a viable scenario. Today’s most important event in the Forex Calendar is the FOMC Meeting Minutes at 19:00 GMT.
Trading strategy: looking to sell on potential pullback to 1.4350, initial stop at 1.4410 (0.5% risk), target open
Support: 1.4200/30, 1.4130/50, 1.4050, 1.4000 and 1.3900
Resistance: 1.4280/00, 1.4350/70, 1.4400 and 1.4500
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
- EURUSD 4hrs chart 5-18-2011
have a good day
Thanks Liviu. 1.4350 looks like a strong resistance which is on cross point from 1hr uptrend price channel and downtrend line from 1.49450. Hope this time make a profit.
yeah, I guess it will be quite hard to break above 1.44 this week.
I am currently long Silver, watching it carefully while it continues to recover although it is still fragile… will add more to the position while it climbs higher.
Anyway, I'm taking a break from trading or let some trades run for 1-2 weeks because I'm leaving for summer holiday tomorrow
Thank you for your efforts helping us to understand the Forrex Market better. Reading your insights gives me more confidence to act and look for good levels for me to take a position in the market. Thank you again for your excellent work.
Juan Diego Giraldo Torres.
Colombia, South America.
Thanks Juan, glad to help