Quote of the day:“Gambling promises the poor what property performs for the rich – something for nothing.” – George Bernard Shaws
EURUSD – 1.3896 @07:42 GMT
Morning. Euro’s pullback continued, touching a daily low at 1.3862 yesterday – not far above my planned entry price at 1.3850. As mentioned yesterday – I remain bullish on EURUSD on both short term and medium term basis, as long as price doesn’t retreat below 1.3750-1.3800, but I am cautious at these levels and frankly, I prefer to see some decent signs of recovery to confirm that uptrend resumes. Meanwhile, I am keeping an eye on the intra-day resistance/former support @1.3950 but also 1.3850 on the lower side. Hourly studies are currently bearish and sellers are probably waiting for a rebound to 1.3950. What’s your trading plan today?
Trading strategy: standing aside
Support: 1.3850/60, 1.3800 and 1.3750/60
Resistance: 1.3950, 1.400/30, 1.4050 and 1.4100
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bearish
- EURUSD 4hrs chart 3-9-2011