EURUSD Recovering Initial Losses

Quote of the day: “Hegel was right when he said that we learn from history that man can never learn anything from history.” – George Bernard Shaw

EURUSD – 1.4418 @07:00 GMT

Good morning. I was wrong yesterday expecting the interim/pivotal resistance at 1.4350 to hold and EUR to extend correction. It has already recovered most of recent losses and is currently establishing support above 1.4350-1.44, so we can keep our eye on recent top which is not far away. Short-term studies are slightly bullish but the pair should hold above 1.4350 in the next trading sessions in order to conserve momentum, therefore looking for buying opportunities on minor pullbacks towards 1.4350 seems a good plan at this point.

Trading strategy: looking to buy at 1.4355 on potential pullback, initial stop at 1.4295 (0.5% risk), target open

Support: 1.4200, 1.4150, and 1.4100/30
Resistance: 1.4300, 1.4350 and 1.4400
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish

EURUSD 4hrs chart 4-20-2011
EURUSD 4hrs chart 4-20-2011
EURUSD weekly chart 4-20-2011
EURUSD weekly chart 4-20-2011
Advertisements

About abwehra group

The Art&Science of Trading Gold
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s