Quote of the day: The public has a short-term memory. – Burt Greenwald
EURUSD
Trading strategy: short at 1.3900, stop at 1.3970, 1st objective at 1.3850, 2nd objective at 1.3750
Yesterday’s minor recovery towards 1.400 was short-lived and the decline resumed – extending to as low as 1.3735 earlier today. October’s bottom around 1.3700 comes now under pressure and if it fails to provide a stable support – next downside objectives could be around 1.34. Speaking of intraday conditions – another upside correction is likely, but 1.39 will probably cap the upside. Today’s major events in the economic calendar are the US Trade Balance and Initial Jobless Claims. The flash crash in Gold and Silver was just shocking – as a result of CME raising margins on Silver contracts. Anyway – it seems that many already forgot (especially some newspapers etc.) about the QE2 and all the attention is now focusing on Euro zone debt problems. What about some other and bigger problems? Well, never mind – just keep in mind that what goes up must come down and vice versa. Current exchange rate is 1.3757 @06:18 GMT
Support: 1.3735/50, 1.3700 and 1.3600
Resistance: 1.3800, 1.3850 and 1.3900
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intra-day – bearish
- EURUSD daily chart 11-10-2010
More trading setups
Gold
- XAUUSD 4hrs chart 11-10-2010
GBPUSD
- GBPUSD 4hrs chart 11-10-2010
USDCHF
- USDCHF 4hrs chart 11-10-2010
Have a nice day and good luck trading
