EURUSD Recovery In Progress, But Will It Last?

Quote of the day: “Prosperity is only an instrument to be used, not a deity to be worshipped.” – Calvin Coolidge

EURUSD – 1.4357 @06:54 GMT

Good morning. The euro continues to recover after finding support at $1.4200 yesterday and the 4-hrs chart looks slightly bullish now that 1.4300/30 is breached. In spite of recent bullish candles on the daily chart, including the pin bar former after reaching $1.4075, the pair remains vulnerable and current recovery looks rather corrective. My plan to sell at 1.4260 yesterday wasn’t a good one but I’ll continue to look for decent signs of weakness since I don’t think that current recovery is a healthy one. The German Zew and US Existing Home Sales are the most important events in the Economic Calendar today.

Trading strategy: standing aside

Support: 1.4300/30, 1.4200, 1.4100, 1.4070, 1.4000/20 and 1.3900
Resistance: 1.4400, 1.4460 and 1.4490/00
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish

EURUSD 4hrs chart 6-21-2011
EURUSD 4hrs chart 6-21-2011
EURUSD daily chart 6-21-2011
EURUSD daily chart 6-21-2011
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About abwehra group

The Art&Science of Trading Gold
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