Quote of the day:“There are times when it is best to be content with what one has, so as not to lose everything.” - Jose Saramago
EURUSD - 1.4165 @07:59 GMT
Good morning folks. The euro is under pressure today ahead of the EU Summit and Portugal Budget Vote, pulling back from yesterday’s top near 1.4250 on speculation that Portugal’s government will collapse today, therefore Portugal requiring a bailout. Another important event today is Fed’s Bernanke speech at 17:00 GMT. Regarding my plan to buy on pullback to 1.4170 – I think it’s better to stand aside today and wait for the market’s reaction to upcoming economic events. Potential break below this intra-day support at 1.4150 would favor further downside on near term, next support zone emerging into the 1.4000-1.4050 region.
Trading strategy: standing aside
Support: 1.4150, 1.4085/00, 1.4000/30, 1.3930/50, 1.3900 and 1.3850
Resistance: 1.4200, 1.4260/80, 1.4300 and 1.4400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bearish
- EURUSD 4hrs chart 3-23-2011
- EURUSD daily chart 3-23-2011
- EURUSD hourly chart 3-23-2011
Have a good day!
