euro cofa się z oporu na 1.3850

Quote of the day:“Democracy don’t rule the world, You’d better get that in your head; This world is ruled by violence, But I guess that’s better left unsaid.” – Bob Dylan

EURUSD – 1.3757 @07:30 GMT

Hello. The euro pulled back from 1.3850 resistance level yesterday amid renewed Middle East concerns. Gold is trading at record highs and oil is also climbing higher. Support at 1.3750 is currently being tested and if it fails to hold – next support comes at 1.3680/00. My yesterday plan to buy on strength – expecting a breakout higher was bad, as resistance at 1.3850/60 remains intact. Anyway, tomorrow’s ECB Interest Rate Decision is one of the key events that may propel the euro higher – if the ECB maintains a hawkish tone. The daily charts are still bullish but we should be cautious due to yesterday’s reversal candle – quite similar to the one of February 2nd.

Trading strategy: standing aside

Support: 1.3750/60, 1.3710/30, 1.3650, 1.3550/80 and 1.3500
Resistance: 1.3800, 1.3850/60, 1.3900 and 1.400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bearish

EURUSD 4hrs chart 3-2-2011
EURUSD 4hrs chart 3-2-2011
EURUSD daily chart 3-2-2011
EURUSD daily chart 3-2-2011

About abwehra group

The Art&Science of Trading Gold
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