Quote of the day: An expert is a man who tells you a simple thing in a confused way in such a fashion as to make you think the confusion is your own fault. — William Castle
EURUSD
Trading strategy: long at 1.3510, stop at 1.3440(0.5% risk), 1st objective at 1.3560, 2nd objective at 1.3630
Yesterday’s trading was mixed as the euro faced selling into the 1.3505 region and pulled back to 1.3425 session low, where it found support. Upside remains favored and current consolidation into the 1.34 region is normal after Friday’s rally from 1.3285 to 1.3495. First intra-day support level stands around 1.3400 which is backed by 1.3285/00 lower. The 50% retracement of 1.5145-1.1875 at 1.3510 is still under pressure as yesterday’s reaction was rather modest – suggesting that a break higher is likely, next objectives coming at 1.3900 which is the 61.8% of same decline and 1.4300 – yearly open. Current exchange rate is 1.3462 @05:50 GMT
Support: 1.3400/20, 1.3285/00, 1.3230 and 1.3185/00
Resistance: 1.3500/10, 1.3600 and 1.3700
Market sentiment: long term – bearish, medium term – bullish, short term – bullish, intra-day – mixed
- EURUSD hourly chart 9-28-2010
More trading setups
GBPUSD
- GBPUSD 4hrs chart 9-28-2010
EURCHF
- EURCHF 4hrs chart 9-28-2010
USDJPY
- USDJPY 4hrs chart 9-28-2010
Gold
- XAUUSD 4hrs chart 9-28-2010
Have a great day and good luck trading!
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