eurusd retesting support zone

Quote of the day: “History doesn’t repeat itself, but it does rhyme” – Mark Twain

EURUSD – 1.4047 @06:50 GMT

Good morning. Support into the 1.400 region is back in focus as the euro pulled back from 1.42 once again. Both the daily and 4-hr charts are showing weakness and Thursday’s recovery from 1.4050 to 1.4200 was a fake trend continuation signal. Current market condition leaves me no choice but to wait either for a break below 1.400 or a return towards 1.42. ECB’s Trichet Speech is the most important event in the Economic Calendar today.

Trading strategy: standing aside

Support: 1.4000/30, 1.3930/50 and 1.3870
Resistance: 1.4100, 1.4150, 1.4200/20 and 1.4260/80
Market sentiment: long term – mixed, medium term – bullish, short term – mixed, intraday –  bearish

EURUSD 4hrs chart 3-28-2011
EURUSD 4hrs chart 3-28-2011

About abwehra group

The Art&Science of Trading Gold
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