EURUSD Recovering Some Ground, Still Far Away From the “Safe Zone”

Quote of the day:“As every thread of gold is valuable, so is every moment of time. ” – John Mason

Good morning. We had a correction up to 1.4135 after the euro found support yesterday into the 1.4000-1.4050 support zone, but price is currently retreating off the session highs – trading at 1.4075 right now. As I wrote yesterday, I am expecting the EUR to remain under pressure before the summit this week and I’ll continue to monitor the said support zone between 1.4000 and 1.4050. I am currently holding a small short position at 1.4100, with an open target and a stop at 1.4135 – because I think that a retest of Asian highs would have a good chance to turn into an extended gain towards 1.42 so I rather exit earlier than planned yesterday (at 1.4160). The German Zew Sentiment is one of most important events scheduled in the economic calendar today, but most eyes will be on the Greek and Spanish bond auctions.

Trading strategy: holding short at 1.4100, stop at 1.4135, target open

Support: 1.4050, 1.4000/20, 1.3900 and 1.3840/60
Resistance: 1.4100/30, 1.4180/00 and 1.4250/80
Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bearish

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EURUSD 4hrs chart 7-19-2011EURUSD 4hrs chart 7-19-2011

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About abwehra group

The Art&Science of Trading Gold
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