eurusd range still intact

Quote of the day: “The release of atomic energy has not created a new problem. It has merely made more urgent the necessity of solving an existing one.” – Albert Einstein

EURUSD – 1.3948 @07:16 GMT

Good morning. The euro remains rangebound against the US dollar, trading into the 150-pip range of 1.3850 to 1.400. My plan to look for a buying opportunities on the potential break above 1.400 is still valid as price failed to advance towards 1.3995/00 yesterday and pulled back towards support at 1.3850 once again. Intra-day charts are slightly bearish at time of writing and volatility is likely to remain high, although EURUSD is not the most important pair to look at nowadays, as all eyes are on the JPY pairs.

Trading strategy: looking to buy at 1.3995, stop at 1.3935 (0.5% risk), target open

Support: 1.3900, 1.3850, 1.3750/80 and 1.3700
Resistance: 1.400/30, 1.4100 and 1.4200
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – mixed

EURUSD 4hrs chart 3-17-2011
EURUSD 4hrs chart 3-17-2011

About abwehra group

The Art&Science of Trading Gold
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