EURUSD Retesting 1.40

Quote of the day: “If you don’t risk anything you risk, you risk even more.” - Erica Jong

EURUSD – 1.3977 @08:19 GMT

Good morning. $1.40 was again under pressure yesterday and earlier today as the euro surged from 1.3850 where it found support. Resistance around 1.400 is still intact after several testes this week and yesterday’s candlestick suggests more upside action. However, the market is likely to remain volatile due to Japan’s nuclear crisis and all eyes are on the JPY/risk sensitive pairs and metals. My current plan is to look for buying opportunities, as a break above 1.400 seems more probable than another decline to or below 1.3850.

Trading strategy: small long at 1.3995, stop at 1.3935 (0.5% risk), target open

Support:  1.3925/50, 1.3900, 1.3850, 1.3750/80 and 1.3700
Resistance: 1.400/30, 1.4100 and 1.4200
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – mixed

have a good day

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Post tags: breakout trading, EURUSD, Japan, radiation