Quote of the day: “All human wisdom is summed up in two words – wait and hope” – Alexandre Dumas
EURUSD – 1.3475 @07:38 GMT
Trading strategy: holding short at 1.3500, initial stop at 1.3560 (0.5% risk), objective open.
Good morning. The euro trades a bit higher against the greenback at time of writing, recovering from yesterday’s low at 1.3430 as risk sentiment improved. However, the recovery is modest and the pair could see further downside pressure in the coming days so my yesterday plan to sell at 1.3500 seems good so far and will hold the position for as long as 1.3550 doesn’t come on the radar screen. One of the first objectives I’m targeting is 1.3360. There are some important events in the Forex Calendar today, such as the German Zew, Eurozone GDP and the US Retail Sales later today. The German GDP figure came at 0.40% Vs. 0.50% expected – and this is the reason why the euro declined from 1.3525 to 1.3470 currently.
Support: 1.3430/50, 1.3360 and 1.3300
Resistance: 1.3530/50, 1.3580/00, 1.3650, 1.3700 and 1.3730/50
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD daily chart 2-15-2011
- EURUSD 4hrs chart 2-15-2011
Have a great day and good luck trading
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