Good morning. The last few days have been bad for the euro as it retreated against its major counterparts across the board.
EURUSD
Former support at $1.2800/20 was easily breached and there is no sign of relief ever since. Should the euro recover some ground though, it’s quite possible that more sellers are waiting in line to pull it lower.
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell on pullback to 1.2730, stop above 1.2780, target at 1.2600
EURUSD daily 11-13-2012
hourly chart:
EURUSD hourly 11-13-2012
EURJPY
Support at 100 is again in focus after several failed attempts to break above 104. There are two scenarios to consider: 1 – EUR forming a reversal candle around support, hence a buy signal or 2. strong decline below 100, hence a sell signal
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to buy around 100 in case of a reversal candle formation or sell on breakdown below 100
EURJPY daily 11-13-2012
USDCHF
The dollar keeps climbing against the Swiss franc while EURUSD is losing ground. Holding long with a target at .9600 and above is probably a good idea
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to hold long while pullbacks are short-lived/above .9430, target at .9650+
USDCHF daily 11-13-2012
USDCAD
Last recovery after the pullback to .9870 support zone suggests that uptrend is intact and there’s more upside to be seen
Market sentiment: intraday – bullish, short-term – bullish
Potential trade strategy: to buy in the .9970 area, target at 1.0150
USDCAD daily 11-13-2012
have a great day!
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