USD Continues to Weaken; EURUSD Getting Closer to 1.50

Quote of the day:“You’ve achieved success in your field when you don’t know whether what you’re doing is work or play.” – Warren Beatty

EURUSD – 1.4847 @07:07 GMT

Good morning. The dollar continues to weaken, reaching fresh lows after yesterday Fed Bernanke’s press conference. The euro climbed to as high as 1.4880 earlier today, threatening 1.50 which is not far above current trading levels. Intraday support is now seen at 1.4780/00, followed by 1.4730/50 lower. The US GDP and Initial Jobless Claims are today’s key events in the Economic Calendar. Short term studies are unlikely to change in the coming sessions as there’s enough room for downside pullbacks without affecting momentum of both daily and 4hrs charts.

Trading strategy: looking to buy on potential pullback to 1.4760, stop at 1.4710 (0.5% risk), target open. Secondary plan is to buy on strength at 1.4875, stop at 1.4825 (0.5% risk), objective at 1.50.

Support: 1.4780/00, 1.4730/50, 1.4700 and 1.4600/30
Resistance: 1.4880/00, 1.4950 and 1.500
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish

EURUSD hourly chart 4-28-2011
EURUSD hourly chart 4-28-2011
EURUSD daily chart 4-28-2011
EURUSD daily chart 4-28-2011

About abwehra group

The Art&Science of Trading Gold
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