Quote of the day: Time is what we want most, but what we use worst. - William Penn
Trading strategy: stand aside
Yesterday's trading has been quiet due to the President's Day holiday in the U.S. as well as waiting for any decision about Greece. The EU states have given Greece one month to prove its plans were off to a convincing state. The euro recovered some ground in overnight trading but mainly due to Aussie dollar's rally across the board. Immediate intra-day resistance comes around 1.3650 and 1.3700 - formed by the downward channel's resistance band. On a short-term basis, I expect the euro to extend the counter-trend move - aiming the notable resistance region of 1.3800-1.3840. Slipping back below $1.36 would resume downtrend, opening 1.3450/80. Intra-day sentiment is slightly bullish for now. Current exchange rate is 1.3655 @06:55 GMT
Support: 1.3600, 1.3530/50, 1.3480/00 and 1.3400
Resistance: 1.3640/50, 1.3700, 1.3750/60 and 1.3800.
Market sentiment: long term - bullish, medium term - bearish, short term - bearish, intra-day - slightly bullish
Trading strategy: small long at .7015, initial stop at .6960 (0.5% risk), objective at .7150. Adjust stop to breakeven on +30 pips (at .7045) if reached
The kiwi dollar breached above fib resistance region also above last week's top side, therefore .7150 is the next upside target for now - as long as .6975/00 provides support on pullbacks. Intra-day momentum is in a positive configuration while short term studies are turning bullish too - but would prefer a close above .7150 to confirm. Current exchange rate is .7037 @06:55 GMT
Support: .7000/20, .6970 and .6900/30
Resistance: .7100, .7125/50 and .7200
Market sentiment: long term - bullish, medium term - slightly bearish, short term - neutral , intra-day - bullish
Have a great day!