EURUSD Recovering Ahead of Trichet Speech

Quote of the day: “Always bear in mind that your own resolution to succeed is more important than any one thing” – Abraham Lincoln

EURUSD – 1.4256 @06:45 GMT

Good morning. I suggest you start the day with an article that should be a lot more helpful than the usual daily tons of Elliot Waves, fancy oscillators and other tools that will turn anyone into a millionaire in no-time (or not!). Back to EURUSD now. It’s a bit early to say that the bulls are fully back in business, as current recovery is modest and there’s a long way to go, including plenty of obstacles, until the daily charts will look less fragile. Interim resistance is being tested at time of writing at 1.4270 and a more notable barrier comes into the 1.4370-1.4420 zone, formed by the weekly open and the weekly top side. The rising trendline from 1.3430 connecting the previous 3 months’ lows is seen higher, around 1.4500. Looking South – there’s intraday support at 1.4180/00, followed by 1.4120/50. Hourly charts are bullish and a potential breach above this resistance at 1.4270 is in the cards. Key events in the FX Calendar today are Trichet’s Speech at 09:00 GMT and US CPI at 13:30 GMT.

Trading strategy: standing aside / focusing on other setups

Support: 1.4180/00, 1.4150, 1.4000 and 1.3900
Resistance: 1.4270/00, 1.4350/70, 1.4400/20, 1.4450/75, 1.4550 and 1.4650
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish

EURUSD hourly chart 5-13-2011
EURUSD hourly chart 5-13-2011
EURUSD daily chart 5-13-2011
EURUSD daily chart 5-13-2011
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About abwehra group

The Art&Science of Trading Gold
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