Quote of the day: “Experience is the name every one gives to their mistakes.” – Oscar Wilde
EURUSD – 1.3722 @07:52 GMT
Good morning. The recovery continues after yesterday’s wild movements and the euro is flirting with 1.3750 at time of writing. A break above the said upside barrier will be an important bullish confirmation – next objectives coming at $1.40 and $1.42. One of the key events in the Forex Calendar today is Trichet’s speech at 17:00 GMT and the market seems to price in more hawkish comments – following ECB’s Yves Mersch boosting the EUR yesterday. Buying on break above 1.3750 looks like a decent plan right now.
Trading strategy: looking to buy on 4hrs bar close above 1.3750, stop at 1.3690 (0.5% risk), 1st objective at 1.3820, 2nd objective at 1.3900
Support: 1.3700, 1.3650, 1.3550/80 and 1.3500
Resistance: 1.3750, 1.3800/20, 1.3860 and 1.3900
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 2-23-2011