EURUSD Testing Short-term Support

Quote of the day: “I say luck is when an opportunity comes along, and you’re prepared for it.” – Denzel Washington

EURUSD – 1.4377 @06:28 GMT

Good morning. The euro starts the week under pressure, testing support into the 1.4350-1.4380 zone, extending Friday’s decline from 1.4500. My initial plan to buy on the break above 1.4500 was not fulfilled but selling on break below 1.4450 was a good idea. Now that the weakness signs are quite obvious, I think it’s better to look for selling opportunities either on upside pullbacks or breakdowns – and 1.4350 is the support level to keep an eye on in the coming trading sessions. Today’s notable event in the Forex Calendar is Fed’s Fisher speech.

Trading strategy: Looking to sell on potential pullback to 1.4420, initial stop at 1.4480 (0.5% risk), target open

Support: 1.4350, 1.4250 and 1.4130/50
Resistance: 1.4420/50, 1.4500/20, 1.4580/00, 1.4650 and 1.4700
Market sentiment: long term – mixed, medium term – bullish, short term – mixed, intraday – bearish

EURUSD 4hrs chart 4-18-2011
EURUSD 4hrs chart 4-18-2011
EURUSD daily chart 4-18-2011
EURUSD daily chart 4-18-2011

About abwehra group

The Art&Science of Trading Gold
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