Quote of the day: Nobody can give you wiser advice than yourself. – Cicero
EURUSD
Trading strategy: looking to sell at 1.3690, stop at 1.3760, 1st objective at 1.3640, 2nd objective at 1.3550
Support around 1.3570 has been retested and held, but it certainly doesn’t look strong enough to consider buying dips. Short-term sentiment remains bearish as long as Irish debt drags the market lower and no signs of recovery can be seen while rallies are short-lived – facing resistance within the 1.3700-1.3750 region. Above 1.38 we can talk about an end of current pullback but until then, either selling on rallies or break downs are tempting things to do. In case of a break below near-term support at 1.3570, next objective could be 1.3450/60 – the median retracement of last major upleg from 1.2645 to 1.4280. The German ZEW Economic Sentiment is today’s key event in the economic calendar. Current exchange rate is 1.3596 @06:50 GMT
Support: 1.3600, 1.3570 and 1.3460/00
Resistance: 1.3730/50, 1.3800/20, 1.3850, 1.3900 and 1.400/50
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs forex chart 11-16-2010
More trading setups
GBPUSD
- GBPUSD 4hrs forex chart 11-16-2010
EURGBP
- EURGBP daily forex chart 11-16-2010
USDJPY
- USDJPY 4hrs forex chart 11-16-2010
Have a nice day
