Article originally published on innerfx.com and republished here with permission
Quote of the day: “Insanity in individuals is something rare – but in groups, parties, nations and epochs, it is the rule.” ~ Friedrich Nietzsche
Good morning. The dollar continues to weaken as EUR recovers on news coming from Brussels: EU setting 50% Greek bond writedown, 1 trillion euros in EFSF fund. Let’s see what are some of today’s charts of interest, now that everyone jumped back on the risk-on train:
support is being breached and the ugly turns uglier
1.400 is under pressure and it seems that a break is imminent.
Support at 1.0350 held and it was a good level to buy the Aussie when the markets resumed uptrend on news from Brussels. 1.0750 is where next important resistance is seen
Quite a clear buying signal here, as the previous daily candle suggests more gains / uptrend resumption. When I will continue the discussion on the Breakout Trading topic, remind me of this setup – it is actually one of my favourites.
Last bounce off support @parity was short-lived and the US dollar resumed the decline. It shouldn’t be hard to reach .9800 once parity is clearly breached