Quote of the day: “If you don’t make mistakes, you’re not working on hard enough problems. And that’s a big mistake.” - Frank Wilczek
EURUSD – 1.4140 @08:02 GMT
Good morning. Euro remains under pressure even though it managed to recover some ground yesterday after slipping below $1.41, resistance zone around 1.4220 being strong so far. It’s been a bad week for the euro and I doubt it stands a chance to recover much from current levels in the next two trading sessions, so looking for more selling opportunities is probably the best thing to do. I am currently holding a short position at 1.4220, after being stopped out on the short triggered by the decline below $1.41, and will close it if price pulls back to 1.4170-80 to cover the initial loss, else will hold it until later today with a target around 1.4020.
Trading strategy: holding short at 1.4220, stop at 1.4170, target open
Support: 1.4100, 1.4070, 1.4000/20 and 1.3900
Resistance: 1.4200/20, 1.4250, 1.4300 and 1.4330/50
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs chart 6-17-2011
have a nice weekend
Good morning Liviu,
Here is evening just after 5PM in Seoul. Your stop1.4170 seems mistyping. By the way, EUR looks to have some strength today. If break 1.4220, it would be a good entry at 1.4280 – 1.4300 for short.
hello, it wasn't a typo – it's a stop to lock-in 50 pips profit
Fridays are usually dollar positive so I think it will collapse once the NY session kicks-in.
Hi Liviu,
your call (sell) 1.4220 was spot on, how did you decide on range?
killy, ireland
as you can see in the chart, I use a combination of Moving Averages and they usually provide good support or resistance levels in trending markets such as this one. Also, I wasn't expecting the market to retreat too much, so 100 pip above yesterday's 1.4130/40 (price when writing the article) was enough to look for a selling point.
whats new ?
exited, waiting for the US session
Do you think it will drop eu/us ?
I think so. Anyway, I'm not going to sell trying to catch it at the very top but rather wait, maybe it will test 1.4330
Its going up :)
yep, it will probably close around these levels, not much time until the trading week ends. I call it a day already and won't monitor the charts