EURUSD – Market Back To Where It Was Yesterday

Quote of the day:“The truth is always a compound of two half- truths, and you never reach it, because there is always something more to say.” – Tom Stoppard

EURUSD – 1.4511 @06:33 GMT

Good morning. The market is back to where it was yesterday, despite the decline to 1.4410 where it found support. My plan to buy on break above 1.4520 is still in play, as I think there’s more upside action to be seen within the coming days, testing 1.4580/00 before possibly pulling back. Both daily and hourly studies are bullish at time of writing and the hourlies will remain unchanged as long as price holds above intraday support at 1.4450. Today’s notable event in the FX Calendar is the Initial Jobless Claims at 13:30 GMT.

Trading strategy: looking to buy a small size at 1.4522, stop at 1.4480 (0.25% risk), target open

Support: 1.4450, 1.4400, 1.4350, 1.4250 and 1.4130/50
Resistance: 1.4580/00, 1.4650 and 1.4700
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish

EURUSD 4hrs chart 4-14-2011
EURUSD 4hrs chart 4-14-2011

About abwehra group

The Art&Science of Trading Gold
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