EURUSD Pushing Towards 1.42 Resistance Zone

Quote of the day: “Whenever I hear, ‘It can’t be done,’ I know I’m close to success.” – Michael Flatley

EURUSD – 1.4175 @07:28 GMT

The euro gained Vs. the US dollar, breaking the resistance around 1.4150, providing an initial clue that uptrend has resumed. My plan to buy at current levels on the break of interim resistance at 1.4150 was triggered, with an initial stop at 1.4100 (0.5% risk) and an open target. It seems that a new test of 1.4250 is due soon and I remain bullish on a short-term basis as long as support zone around 1.400 holds. Anyway, until getting to 1.400 – there’s a median support region around 1.4130.

Trading strategy: holding long at 1.4170, initial stop at 1.4100 (0.5% risk), target open

Support: 1.4130/50, 1.4100, 1.4000/30 and 1.3930/50
Resistance: 1.4200/20, 1.4260/80 and 1.4300
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday –  bullish

EURUSD 4hrs chart 3-31-2011
EURUSD 4hrs chart 3-31-2011

About abwehra group

The Art&Science of Trading Gold
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