Quote of the day: “Adversity is the foundation of virtue” – Japanese Proverb
To readers in Japan: I’m hoping for your safety and recovery after the terrible disaster.
EURUSD – 1.3928 @08:07 GMT
The euro has switched direction, bouncing off support at 1.3750 on Friday. $1.40 is again in focus and near-term sentiment turned bullish, as 1.3850 is again providing support. On the weekly chart there’s a long tail candlestick suggesting that last downside attempt was corrective in nature and uptrend remains intact. Looking for buying opportunities on the potential breakout above today’s open price is a plan I’m considering.
Trading strategy: looking to buy at 1.3965, initial stop at 1.3905 (0.5% risk), target open. Secondary plan is to look for a buying opportunity on pullback to 1.3850, initial stop at 1.3790 (0.5% risk), target open.
Support: 1.3900, 1.3850, 1.3750/80, 1.3700 and 1.3600
Resistance: 1.3950/60, 1.400/30 and 1.4100
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish
- EURUSD 4hrs chart 3-14-2011
- EURUSD weekly chart 3-14-2011