EURUSD: Recovery Continues, Previous Top-Side in Focus

Quote of the day: “Do something every day that you don’t want to do; this is the golden rule for acquiring the habit of doing your duty without pain.” – Mark Twain

EURUSD – 1.4649 @07:11 GMT

Good morning. My summer holiday is over, so I’m getting back to the usual routine. The 2-week holiday was awesome and I will post some pictures in the next days. Okay, back to charts now – the euro is well above $1.44 former resistance as the dollar sell-off accelerates. The daily studies are now bullish and signs of exhaustion are lacking, therefore last month’s consolidation range between 1.4750 and 1.4900 is in focus, being the next upside target. In case of pullbacks, keep an eye on support zone first emerging at 1.4550/60, followed by 1.4450 and 1.4400. Today’s Economic Calendar is lighter but there are some important events in the coming days.

Trading strategy: standing aside

Support: 1.4550/60, 1.4500, 1.4450 and 1.4400
Resistance: 1.4650, 1.4700, 1.4740/60 and 1.4900
Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – bullish

EURUSD daily chart 6-6-2011
EURUSD daily chart 6-6-2011
EURUSD 4hrs chart 6-6-2011
EURUSD 4hrs chart 6-6-2011

About abwehra group

The Art&Science of Trading Gold
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