Quote of the day: “Never look back unless you are planning to go that way.” — Henry David Thoreau
EURUSD – 1.4219 @07:30 GMT
Good morning. The sell-off continues and April’s lower side is under pressure as the EUR fell 250 points yesterday and doesn’t show any sign of vigor at this point. New intraday resistance is now formed around previous support zone – at 1.4280/00. The 50% retrace value of last up leg from 1.3430 to 1.4935, at 1.4180, is current support so keep an eye on it, as a potential breakdown could lead to a test of 1.400 in the next trading sessions. There are some interesting setups developing in other pairs now, such as GBPUSD – as I highlighted yesterday. The FX Calendar is quite busy today and we have the US Retails Sales, Initial Jobless Claims and Bernanke’s testimony later today.
Trading strategy: looking to sell on potential pullback to 1.4300, initial stop at 1.4360 (0.5% risk), target open. Another plan is to look for a selling opportunity on weakness – potential breakdown below 1.4170, with a stop at 1.4230 (0.5% risk), target at 1.400
Support: 1.4180/00, 1.4150, 1.4000 and 1.3900
Resistance: 1.4280/00, 1.4350/70, 1.4400/20, 1.4450/75, 1.4550 and 1.4650
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD daily chart 5-12-2011
- EURUSD hourly chart 5-12-2011
Have a good day and good luck trading
Perfect plan as usual! My compliments!
thanks but it's too early to call it perfect, we'll see later ;)
I mean the plan was goog as plan. I had same point of view for yesterday session. And I traded it. It was bad luck (my stop at 4235 was hit) but I followed my plan.
same story here, went short on the test lower, then closed for a loss when the market returned higher.
You're doing alright as long as you follow your own plan.
Mr. Liviu, why are you not analyzing GU again? and please i wish i can have your ID to be able to have a live chat with you, please can you do me the favour.
I did yesterday http://www.innerfx.com/analysis-and-forecasts/dai…
;)
well, not on a daily basis though. It's too much time consuming and at this point I don't have too much time, but hopefully in the near future
You have my e-mail, drop me a message and let me know what it is about