EURUSD Flirting with Resistance at 1.44

Quote of the day: “If I have lost confidence in myself, I have the universe against me.” – Ralph Waldo Emerson

EURUSD – 1.4398 @06:55 GMT

Good morning. The euro continues to advance against the dollar after ECB raised interest rates by a quarter percentage point to 1.25 per cent, as expected. The dollar is weaker across the board and metals are trading at record highs while writing these lines. As you may recall from my last two articles (one, two) – I was, and still am, looking for more upside action after testing support/former resistance at 1.4250, which was tested yesterday before surging to $1.44. Looking at current charts, I draw the conclusion that next upside targets are 1.45 and 1.46, as both levels are forming a resistance range – best seen on the weekly charts last year in January. Anyway, since it is Friday already and I feel that current weekly range is quite exhausted, I’m closing my running positions and will look for more buying opportunities next week.

Trading strategy: standing aside

Support: 1.4350, 1.4250, 1.4130/50, 1.4100, 1.4070 and 1.4000/30
Resistance: 1.4400, 1.4500 and 1.4600
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish

EURUSD 4hrs chart 4-8-2011
EURUSD 4hrs chart 4-8-2011
EURUSD weekly chart 4-8-2011
EURUSD weekly chart 4-8-2011

About abwehra group

The Art&Science of Trading Gold
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