The dollar continues to fall

Quote of the day: Don’t gain the world and lose your soul, wisdom is better than silver or gold. — Bob Marley

EURUSD

Trading strategy: long at 1.3510, stop at 1.3440(0.5% risk), 1st objective at 1.3560, 2nd objective at 1.3650

The dollar stays weaker against its counterparts and the euro managed to break above 1.3500, reaching session highs around 1.3600 at time of writing. Buying on breaks higher, as planned yesterday, should remain the preferred strategy for now. Also buying on a pullback is probably a good idea – and such levels to look for support are seen at 1.3510 and 1.3400 – both former resistances. Now that the 50% of 1.5145-1.1875 at 1.3510 is breached – next objective comes at 1.3900, which is the 61.8% of said move, followed by 1.4300. Current exchange rate is 1.3585 @05:30 GMT

Support: 1.3510, 1.3400/20, 1.3285/00, 1.3230 and 1.3185/00
Resistance: 1.3600, 1.3700 and 1.3800
Market sentiment: long term – bearish, medium term – bullish, short term – bullish, intra-day – bullish

EURUSD 4hrs chart 9-29-2010
EURUSD 4hrs chart 9-29-2010

More trading setups

GBPUSD

GBPUSD 4hrs chart 9-29-2010
GBPUSD 4hrs chart 9-29-2010

EURCHF

EURCHF 4hrs chart 9-29-2010
EURCHF 4hrs chart 9-29-2010

NZDUSD

NZDUSD daily chart 9-29-2010
NZDUSD daily chart 9-29-2010

Gold

XAUUSD 4hrs chart 9-29-2010
XAUUSD 4hrs chart 9-29-2010

Have a great day!

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