EURUSD still in range trading

Quote of the day: “If you cannot convince them, confuse them.” – Harry S Truman

EURUSD – 1.4088 @05:55 GMT

The charts are quite confusing as rangebound trading continues, as seen on the hourly charts – while the daily charts are bullish and we have a key support into the 1.400-1.4030 region still valid. Downside is limited as the euro holds gains ahead of April’s ECB rate decision. As long as 1.400 holds, I prefer to look for buying opportunities but only in case of a convincing rally. Meanwhile, there are some other pairs to look for interesting trade setups.

Trading strategy: looking to buy at 1.4160 on 4-hr bar close above 1.4150, stop at 1.4000 (0.5% risk), target open

Support: 1.4000/30, 1.3930/50 and 1.3870
Resistance: 1.4120, 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 3-30-2011
EURUSD 4hrs chart 3-30-2011
EURUSD daily chart 3-30-2011
EURUSD daily chart 3-30-2011
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About abwehra group

The Art&Science of Trading Gold
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