EURUSD
The euro has pushed on the upside throughout the European trading session but so far failed to impress and remained into a relatively narrow range of 60 points. Last modest rally has been capped by 1.4280 which is the median retracement of yesterday’s decline from 1.4350. Intra-day sentiment remains slightly bullish but a break above 1.4280 is needed to confirm the uptrend resumption and regain strength for a potential new test against the 1.4350 barrier. On the downside, look for support into the 1.4230 then 1.4200 regions in case of a switch in today’s direction. Below the mentioned levels, a more notable bottom is formed by 1.4170 which is the 61.8% fib ratio of the up leg from 1.4045 to 1.4375. I am still into the long trade from yesterday @1.4210 and my target is 1.4290, stop being set at breakeven. I still believe it was a good entry point but the reaction could have been somewhat stronger – reaching the target earlier. We’ll see how it goes. Current exchange rate is 1.4264 @12:50 GMT
Support: 1.4230, 1.4200 and 1.4170
Resistance: 1.4280/00, 1.4340/50 and 1.4400
- EURUSD 4hrs 8-27-2009
