Quote of the day: “We must lay hold of the fact that economic laws are not made by nature. They are made by human beings.” – Franklin D. Roosevelt
EURUSD – 1.3728 @12:40 GMT
Trading strategy: looking to buy at 1.3760, stop at 1.3710 (0.5% risk), 1st objective at 1.3810, 2nd objective at 1.3900
Hello. The euro holds gains near key resistance into the $1.3740 region and all correction attempts were short-lived after yesterday’s Fed decision and FOMC statement. Support was once again confirmed into the 1.3650 zone – a stable intra-day buying line in the last 24 hours. The Initial Jobless Claims and Core Durable Good Orders are some of the most important data releases in the Forex calendar today and will be released soon – at 13:30 GMT. Both intra-day and near term studies are bullish at time of writing and we should keep an eye on 1.3740 – perhaps next attempt to break higher will be stronger. On the downside – as mentioned earlier, first important bottom stands around 1.3650. My primary plan is to look for a buying opportunity on break above 1.3740/50, if price resumes the rally in the next hours.
- EURUSD 4hrs chart 1-27-2011
Have a great day!
