Euro Under Pressure Ahead of Greek Vote on Austerity Measures

Quote of the day: “It is often merely for an excuse that we say things are impossible.” – Francois de La Rochefoucauld

EURUSD – 1.4139 @06:33 GMT

Good morning. Euro remains under pressure ahead of Greek vote on tough austerity measures and this month’s lows are providing the 1st level of support, backed by the 1.4000/50 range a bit lower. Both hourly and daily charts are bearish and potential upside pullbacks should provide new selling opportunities at 1.4220/50 or higher, around 1.43. My Friday plan to sell at 1.4300 worked out well and fast, as the entry was triggered by the quick rally from 1.4210 to 1.4300, where price reversed continuing the decline. 1.4200 is a potential selling point which I am considering now.

Trading strategy: looking to sell on potential pullback to 1.4200, initial stop at 1.4270 (1% risk), target open

Support:1.4100/25, 1.4040/70, 1.4000/20 and 1.3900
Resistance: 1.4200/30, 1.4300, 1.4350/60, 1.4400, 1.4450/75 and 1.4500
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish

EURUSD hourly chart 6-27-2011
EURUSD hourly chart 6-27-2011
EURUSD daily chart 6-27-2011
EURUSD daily chart 6-27-2011
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About abwehra group

The Art&Science of Trading Gold
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