EURUSD Still Under Pressure After Testing Resistance at 1.4220

Quote of the day: “If you don’t make mistakes, you’re not working on hard enough problems. And that’s a big mistake.” – Frank Wilczek

EURUSD – 1.4140 @08:02 GMT

Good morning. Euro remains under pressure even though it managed to recover some ground yesterday after slipping below $1.41, resistance zone around 1.4220 being strong so far. It’s been a bad week for the euro and I doubt it stands a chance to recover much from current levels in the next two trading sessions, so looking for more selling opportunities is probably the best thing to do. I am currently holding a short position at 1.4220, after being stopped out on the short triggered by the decline below $1.41, and will close it if price pulls back to 1.4170-80 to cover the initial loss, else will hold it until later today with a target around 1.4020.

Trading strategy: holding short at 1.4220, stop at 1.4170, target open

Support: 1.4100, 1.4070, 1.4000/20 and 1.3900
Resistance: 1.4200/20, 1.4250, 1.4300 and 1.4330/50
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish

EURUSD 4hrs chart 6-17-2011
EURUSD 4hrs chart 6-17-2011

About abwehra group

The Art&Science of Trading Gold
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