Quote of the day: No sense makes sense. – Charles Manson
EURUSD
Trading strategy: looking to sell on pullback to 1.3200, stop at 1.3260, 1st objective at 1.3150, 2nd objective at 1.3050
The euro continues to drop towards $1.300 while all upside pullbacks are sold. Yesterday’s test against 1.3300 was yet another opportunity to join the selling parade as the euro fell straight down to 1.3060 without looking back. Since there are no reasons to support a decent recovery yet – selling on pullbacks and breaks lower is the right thing to do. Short-term sentiment remains highly bearish both technically and fundamentally and there’s a lot of distance between current levels and those where momentum will turn positive. Today’s key event in the economic calendar is Bernanke’s speech later today and German unemployment figures earlier. Current exchange rate is 1.3107 @06:50 GMT
Support: 1.3060, 1.300 and 1.2900
Resistance: 1.3200, 1.3300 and 1.3450
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs forex chart 11-30-2010
More trading setups
EURGBP
- EURGBP daily forex chart 11-30-2010
NZDUSD
- NZDUSD daily forex chart 11-30-2010
EURCAD
- EURCAD daily forex chart 11-30-2010
Gold
- XAUUSD 4hrs chart 11-30-2010
Have a nice day!
