EURUSD Resuming Decline on Greek Debt Concern

EURUSD – 1.4030 @06:54 GMT

Good morning. Resistance at 1.4130 has held and remained intact after yesterday’s test, so my plan to sell there was good. I just closed half position at 1.4030 for 1 big figure and will hold the other half with stop at break even point. Now that support into the 1.4970-1.4000 region is back in focus, I think it’s worth expecting the euro to decline towards 1.3850 where more important support is seen. Daily charts remain bearish as long as the pair doesn’t recover above 1.44 and given current Greek sovereign debt problems, it would be quite hard for the euro to recover that much in the next trading sessions. Looking for more selling opportunities on minor upside pullbacks or a break below 1.4000 seem the best things to do for now.

Trading strategy: holding short at 1.4130, stop at breakeven, target open

Support: 1.4030/50, 1.3970/00, 1.3900 and 1.3850
Resistance: 1.4100, 1.4130/50 and 1.4200
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish

EURUSD 4hrs chart 5-25-2011
EURUSD 4hrs chart 5-25-2011
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About abwehra group

The Art&Science of Trading Gold
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