Quote of the day: We will bankrupt ourselves in the vain search for absolute security. – Dwight D. Eisenhower
EURUSD
Trading strategy: standing aside
Support was found yesterday around 1.3250 and the euro recovered, trading back into the 1.33 region but still below Friday’s top side. Ireland’s Parliament will vote today on its budget and it must be passed for the multi-billion aid package to go into effect. If they reject the budget, the aid package will probably not get through and the euro will do what it’s doing best since October: collapse. Technically – resistance lies around 1.3440 reached Friday and even if it breaks, short-term downtrend will remain intact. Above 1.37 is where to look for a decent short-term bullish confirmation. On the lower zone, 1.3250 provides minor support and a re-test will probably result in a break down, hence opening 1.31. Other important event in the economic calendar today is the German Factory Orders. Current exchange rate is 1.3319 @07:02 GMT
Support: 1.3300, 1.3250/75, 1.3200 and 1.3100
Resistance: 1.3400, 1.3440/50 and 1.3500
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – slightly bullish
- EURUSD 4hrs forex chart 12-7-2010
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Ireland’s parliament voting on its budget – http://bit.ly/dN3ZF3 #forex, $EURUSD
Lets get it up to test the 1.3420 level. This is the next target in my book, where there seems to be a decent level where we could expect a bounce.
I like to ask what Period of Momentum indicator did you set up? (14)?
@leo: the oscillator is not the original momentum. It is a custom version
Thanks Liviu for sharing this report.