Quote of the day:“Concentration comes out of a combination of confidence and hunger.” – Arnold Palmer
EURUSD – 1.4375 @07:02 GMT
Good morning. The euro is under pressure after yesterday’s short-lived recovery near $1.45. A general strike is due in Greece, as the parliament meets to debate new austerity measures. Potential recoveries are likely to be minimal as long as Greek worries are persisting, therefore I think it’s worth looking for selling opportunities both on upside pullbacks and weakness below recent support zone, such as 1.4330. My plan to sell at 1.4430 wasn’t good enough as the stop was a bit too tight but I’m currently looking for a new selling opportunity. The CPI Release is the most important event in today’s Economic Calendar.
Trading strategy: looking to sell on potential pullback to 1.4410, initial stop at 1.4460 (0.5% risk), target open
Support: 1.4350, 1.4300/30, 1.4250 and 1.4200
Resistance: 1.4400, 1.4430/50, 1.4500 and 1.4550/60
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
- EURUSD 4hrs chart 6-15-2011