Quote of the day:“Always imitate the behavior of the winners when you lose.” – George Meredith
Good morning. The euro starts the week under pressure before the Euro-zone summit, testing intraday support into the 1.4000-1.4050 region against the US dollar and remaining in free-fall mode against the CHF, reaching record lows on a daily basis. Below this interim support zone at 1.400-1.4050 there’s another layer around 1.3850 where the pair found bids last week. Given current market conditions, I think it’s best to look for selling opportunities instead of buying dips, as pressure is likely to stay up in the coming days.
Trading strategy: looking to sell on potential pullback to 1.4100, initial stop at 1.4160 (0.5% risk), target open
Support: 1.4050, 1.4000, 1.3900 and 1.3840/60
Resistance: 1.4100, 1.4180/00 and 1.4250/80
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish
And here’s an update to the Setups posted on Friday; they’re all looking good