Quote of the dayThe only summit meeting that can succeed is the one that does not take place. - Barry M. Goldwater

EURUSD

Trading strategy: stand aside

Yesterday's trading sessions have been mixed - euro falling after a failed attempt to breach above 1.3800, but found support on the 61.8% of the recently developed upward swing from 1.3585 to 1.3840 - at 1.3680. My strategy to sell at 1.3825 was correct - reaching the 100 points target at 1.3725. Upside remains favored, though, as the euro found solid bids and currently trades pips away from $1.38. Today's most important event is the E.U. meeting - where the E.U. officials are likely to discuss and find a solution to Greece's debt problems. Above 1.3800, next important barriers are seen at 1.3840/60 and 1.3900/30. I believe that the $1.40 handle remains in cards on a short-term basis. Below 1.3680/00 would cancel the bullish scenario. Current exchange rate is 1.3781 @07:10 GMT

Support: 1.3725/50, 1.3700, 1.3650/80 and 1.3585
Resistance: 1.3800/05, 1.3840/60 and 1.3900/30
Market sentiment: long term - bullish, medium term - bearish, short term - bearish, intra-day - bullish

EURUSD
EURUSD 4hrs chart 2-11-2010

NZDUSD

Trading strategy: stand aside

The kiwi-dollar advanced higher reaching a temporary resistance at .7000. The overnight gains were mostly caused by the much better than expected Australian Unemployment figures. The recovery of both NZD and AUD against the dollar is likely to continue, .7150 being the next key objective, once the .7000/20 resistance region will be breached. In case of pullbacks, support should emerge around .6950 and .6900. Below .6900, downtrend resumes. Current exchange rate is .6987 @07:10 GMT

Support: .6950, .6900, .6850/60, .6800 and .6750
Resistance: .7000/20, .7100 and .7150
Market sentiment: long term - bullish, medium term - slightly bearish, short term - bearish, intra-day - bullish

NZDUSD
NZDUSD 4hrs chart 2-11-2010

Have a great day!