Quote of the day: Fiat money has no place to go but gold. – Alan Greenspan
EURUSD
Trading strategy: long at 1.3910, stop at 1.3840 (0.5% risk), 1st objective at 1.3960, 2nd objective at 1.4050
The euro resumed uptrend, ending the correction after it found support at 1.3800. The $1.400 barrier is back in focus for 3rd time this month and it seems that it is only a matter of days until 1.400 will be breached, as I mentioned yesterday, and the euro will trade comfortably higher. Immediate support may emerge around 1.3900 in case of a pullback and intra-day sentiment will remain bullish while potential weakness doesn’t affect 1.3850/80. Below the higher half of 1.38, signs of another failed attempt against 1.4 will be obvious. Therefore, buying on break higher or minor/non-violent pullbacks might do the trick. Bernanke’s speech is today’s most important event in the economic calendar. Current exchange rate is 1.3957 @05:48 GMT
Support: 1.3900/30, 1.3850/80, 1.3800 and 1.3680/00
Resistance: 1.4000/25, 1.4100 and 1.4200
Market sentiment: long term – bearish, medium term – bullish, short term – bullish, intra-day – bullish
- EURUSD 4hrs chart 10-13-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 10-13-2010
EURCHF
- EURCHF 4hrs chart 10-13-2010
AUDUSD
- AUDUSD 4hrs chart 10-13-2010
Gold
- Gold 4hrs chart 10-13-2010
Have a great day!
after bernanke's speech i think it will be time to short.. and then bingo! we can listen to this song
http://www.youtube.com/watch?v=MIWxls_40Ug&p=…
:) have a nice day :)
to short the dollar, right?:)
do you like that song? it's a very popular genre in the balkans/eastern europe, kind of gipsy music. Personally I hate it but that's me.. many people here love it :)
i know ..manele…i like it just for fun :)
about eurusd.. bernanke could make a surprise who knows?…
now on another side…
look the 1st uptrend from June 07 was nearly 44 bars (daily).
now if we take bottom from August 26 we are now at 36th bar… so 8 working days more bullish? and then maybe correction ?!?
anyway my shorts are under 1.3733
still long now (from 1.3933)
everything is priced in nowadays and anything he would say – gold would still go up because nobody cares what he says :)
gold again at record high btw, just closed some from 1345
did u see NZDUSD when EURUSD was falling a little at US open….. NZDUSD rose ?!?! what happened ??
I wasn't around at that time. Just got back to my computer. When I am away I check my trades and charts on my phone. When something happens on intra-day basis and you have no clue why it happened (i.e.: no news scheduled) it is best to check forexlive.com – the guys are doing a great job, providing updates almost instantly when something happens
A great bit of analysis. Thanks ! I'm curious about your trading strategy position. Were you in the position at the time of writing? If not, did you catch an entry on the last pullback? Thanks again for sharing your analysis. Very well done!!
Hi Jack
I wasn't long EUR on intra-day basis, but was long (and still am) on medium term position. I added to long EURUSD at 1.3960 one hour ago and this is only an intra-day position – will close if it breaks above 1.4 or below 1.39