Euro in Correction Mode, Remains Bearish

Article originally published on innerfx.com and republished here with permission

Quote of the day: “It is hard to fight an enemy who has outposts in your head.” ~ Sally Kempton

Good morning. The dollar pulled back across the board but remains bullish against some of its major counterparts such as EUR, GBP, AUD etc. Today’s Calendar is lighter if we don’t count the imminent end of the world at 11:11 Am 🙂

EURUSD

As mentioned yesterday – 1.3700 is the level I’ll be watching if the pullback continues.

Euro Vs US Dollar Chart 4hrs 11-11-2011Euro Vs US Dollar Chart 4hrs 11-11-2011

GBPUSD

Cable continues to trade in range after yet another test of support around 1.59 yesterday. Anyway, the horizontal support line is still under pressure and it’s quite clear that sellers are already excited about this potential breakdown.

British Pound Vs US Dollar Chart 4hrs 11-11-2011British Pound Vs US Dollar Chart 4hrs 11-11-2011

EURAUD

EURAUD continues to recover as the Aussie dollar is losing ground across the board. I remain bullish on EURAUD, expecting a test of 1.36 soon, maybe next week.

Euro Vs Australian Dollar Chart Daily 11-11-2011Euro Vs Australian Dollar Chart Daily 11-11-2011

USDCAD

US Dollar failed to hold above 1.0230/50 and pulled back 1 big figure yesterday, but upside remains under pressure and short-term sentiment was not affected by the corrective move to 50% of Wednesday’s range.

US Dollar Vs Canadian Dollar Chart 4hrs 11-11-2011US Dollar Vs Canadian Dollar Chart 4hrs 11-11-2011

AUDJPY

It’s probably not the best time to look for buying opportunities, unless you’re ready to sell on the potential break of support which resides at 50% (see below)

Australian Dollar Vs Japanese Yen Chart Daily 11-11-2011Australian Dollar Vs Japanese Yen Chart Daily 11-11-2011

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About abwehra group

The Art&Science of Trading Gold
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