Quote of the day: “Courage is knowing what not to fear.” – Plato
EURUSD – 1.3718 @06:45 GMT
Trading strategy: looking to buy at 1.3760, stop at 1.3710 (0.5% risk), 1st objective at 1.3810, 2nd objective at 1.3860
Good morning. Resistance at 1.3750 is still intact after yesterday’s hourly tests as a stronger catalyst is needed to push price above that level. It’s obvious that everyone is looking (read: “selling”) at the 61.8% of 1.4280-1.2870 which stands around 1.3735 – so it will be interesting to see how price reacts in the following trading sessions. From a technical perspective – my question to you is Which of the two do you prefer? 1) Reversal when Fib level is reached or 2) Trend following.
I remain bullish on EURUSD for now – although recent hesitation at top side along with price stuck in a tight range this week are two warning signs but I can blame my lack of patience. The US GDP at 13:30 GMT is today’s most important data release in the Forex calendar.
Support: 1.3650, 1.3600, 1.3530, 1.3430/50, 1.3360 and 1.3300
Resistance: 1.3730/50, 1.3800 and 1.3900
Market sentiment: long term – mixed, medium term – mixed, short term – bullish, intraday – neutral
- EURUSD daily chart 1-28-2011
- EURUSD hourly chart 1-28-2011
Have a great day and good luck trading!
Would have preferred an option to buy dips on consolidation…
That totally makes sense but in the Poll above I wanted to focus only on the decisions regarding the 61.8% fib tested lately.
I would put better odds towards a pullback here (several technical reasons), but if I had to put money on the trade, i would go long for a breakout to at least 1.38.
for some reason we think alike on this one :)
notable
I think this pair is at very strong resistance area right now and pushing even higher is rather impossible from the looks of the price action itself. I am seeing weakness and it is quite possibly that price will make a pullback first from here.
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