Quote of the day: “A complex system that works is invariably found to have evolved from a simple system that works.” – John Gaule
EURUSD – 1.3824 @07:52 GMT
Good morning. Upside is again under pressure as the euro rallied yesterday – recovering after testing intra-day support around 1.3700. Resistance at 1.3750 has been breached, so we have a daily close above the said level now and later today we’ll see if there will be a weekly close too. My plan to buy on break above 1.3750 was good so far, although yesterday morning I was afraid it won’t work. I closed half at 1.3820 but will let the other half open with a target at 1.3900 (even more if there will be a decent rally) or will exit if price pulls back towards the entry zone around 1.3750. Today’s notable event in the Forex Calendar is the US GDP at 13:30 GMT.
Trading strategy: holding half size of long at 1.3760 with stop at break even, objective at 1.3900 or above.
Support: 1.3750/60, 1.3700, 1.3650, 1.3550/80 and 1.3500
Resistance: 1.3840/60, 1.3900 and 1.400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD daily chart 2-25-2011