Quote of the day: “There are two ways to slide easily through life; to believe everything or to doubt everything. Both ways save us from thinking.” - Alfred Korzybski
EURUSD – 1.4185 @07:52 GMT
Good morning. Euro’s reversal at 1.4050 (38% of 1.3750-1.4245 and 50% fib of 1.3855-1.4245) yesterday makes many scratch their head as there were tons of “imminent” EURUSD collapse calls all over the internet due to rejection of Portugal’s austerity measures, Portugal’s rating cut and so on. It’s quite clear that EURUSD is a reflection of weakness in the US dollar nowadays along with metals (Gold rallied to a fresh record high yesterday). Now that the euro returned into the upside territory – both short term and hourly charts are bullish and it’s best to keep an eye on the resistance levels at 1.4260/80 and 1.4300. Today’s notable events in the Forex Economic Calendar are the German Ifo Business Climate at 10:00 GMT followed by US GDP figure later, at 13:30 GMT. I think it’s worth looking for intra-day long positions, targeting 1.4280/00.
Trading strategy: looking to buy at 1.4200, stop at 1.4140 (0.5% risk), objective at 1.4300
Support: 1.4150, 1.4100, 1.4000/30 and 1.3930/50
Resistance: 1.4220, 1.4260/80, 1.4300 and 1.4400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 3-25-2011
have a good day
An entirely appropriate description of the fundamental issues regarding the EUR. Oil and vinegar.
http://macro-man.blogspot.com/2011/03/euro-vinega…
OK, so I have an intenseDebate account, but why do I still have to put my email address in, and why can I only subscribe to replies OR new comments ? Why not both ? !!!!
OK, seems I got logged out, and if you are logged out. Although still a little confusing, as I recognised me but I was not logged in. hmmm. Testing …
ding ding!
see if you received a reply notification
great reading. thanks
I saved it and will share in my next links round-up
Liviu, in average how many pairs are you trading/watching? I am asking because I feel I look at too many. I have a list of over 10 that I keep an eye on. Some which I never traded (ie CHFJPY).
I'm watching over 20.
Anyway since they are all correlated (and I hate that to be honest – less unique opportunities and more eggs in same basket) I pay higher attention only to few of them.
I have some profiles saved in metatrader and when I switch profiles I change all the charts, time frames etc. It doesn't take much time to scan through tons of charts since I'm looking for specific patterns and I don't care about intra-day/hourly charts. I check only the daily, weekly and 4hrs and zoom to hourly after I already spot a setup on higher time frames.