Quote of the day: I do not know with what weapons World War III will be fought, but World War IV will be fought with sticks and stones. – Albert Einstein
EURUSD
Trading strategy: looking to sell on pullback to 1.3470, stop at 1.3530, 1st objective at 1.3420, 2nd objective at 1.3300
The dollar rallied across the board and risk sensitive pairs collapsed after an exchange of artillery fire between North and South Korea yesterday triggered losses. Gold also rallied and stabilized around 1375 where it trades at the time of writing. It came at no surprise that the euro was the main loser especially against the Japanese yen amid Korea tension and debt contagion fears. Euro’s decline against the dollar extended below yesterday’s support at 1.3450/60 for another 1 big figure, printing a monthly low at 1.3360 – not far above 1.3300 which could be an important barrier. However, there are no signs of recovery yet and possible intraday pullbacks will most likely confront shorts into former support region such as 1.3450-1.3500. While there are no reasons to support a recovery – trying to catch a falling knife should not be an option. Today’s main events in the economic calendar are the US Core Durable Goods Orders, Initial Jobless Claims and the New Home Sales. Current exchange rate is 1.3399 @06:32 GMT
Support: 1.3350/60, 1.3300 and 1.3200
Resistance: 1.3450, 1.3500 and 1.3600
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs forex chart 11-24-2010
More trading setups
GBPUSD
- GBPUSD 4hrs forex chart 11-24-2010
AUDUSD
- AUDUSD daily forex chart 11-24-2010
EURGBP
- EURGBP daily forex chart 11-24-2010
Gold
- XAUUSD 4hrs chart 11-24-2010
Have a nice day
