Quote of the day: “Fortune favors the brave.” – Virgil
Good morning. The euro seems vulnerable today, after pulling back from yesterday’s 1.4030. Intra-day support around 1.3950 is being tested while writing this and if it fails to hold – next support comes at 1.3850 and 1.3780 a bit lower. On the daily charts we have a reversal candle formed yesterday, suggesting a pullback from here – so I believe that a correction is due. However, I remain bullish and will look for buying opportunities on signs of trend continuation.
Trading strategy: looking to buy dips at 1.3850, stop at 1.3790 (0.5% risk), objective at 1.400
Support: 1.3930/50, 1.3900, 1.3850/60, 1.3800 and 1.3750/60
Resistance: 1.400/30, 1.4050 and 1.4100
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bearish
- EURUSD daily chart 3-8-2011
- EURUSD 4hrs chart 3-8-2011