Quote of the day: “Pojedyńcze szaleństwo to coś rzadkiego – ale grupowe, partyjne, narodowe i epokowe, to powszechność.” – Friedrich Nietzsche
EURUSD – 1.3960 @08:00
Good morning. The euro is holding gains made yesterday on Trichet’s comments and currently hovers around 1.3960 – not far below the psychological barrier at 1.40. Charts are bullish on both daily and hourly time frames right now but and we’ll probably see a weekly close above 1.3850. Today is the NFP day so keep an eye on the tick charts at 13:30 GMT to enjoy the show of random spikes all over the place. Another important event in the Forex Calendar today is Trichet’s Speech at 15:25 GMT. I am currently long EURUSD since yesterday when I bought at 1.3850 (+110 pips now) and I don’t plan to close it – but only if the pair pulls back towards 1.3930 where I’ll consider closing half.
Trading strategy: holding long at 1.3850, stop at break even, objective at 1.40
Support: 1.3900, 1.3850/60, 1.3800 and 1.3750/60
Resistance: 1.3980, 1.400, 1.4050 and 1.4100
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 3-4-2011