Good morning dear traders,
welcome in a new trading week.

Did you also keep your breath during the last days and thinking: „How far will EURUSD
further fall?

I can quieten you - thanks to the common solution of the EU for Greece there was some climbing up of the crosspair.

Also if that were only 30 pips compared with the last high of Thursday, but anyhow.

How is it going on? Should the course further win, I could expect chances into the direction of 1.3520, 1.3570 or 1.3680 as shortterm targets.

However, we will have to await what the further economic and political news will bring.

LOOKING BACK

After a range in the morning between 1.3267 and 1.3354 the crosspair could win again and finished the week abt about 1.3408 near the 161.8-Fibonacci retracement
EXPECTATIONS FOR TODAY´S TRADING DAY

How is the new trading week starting?

Over the night the pair could win further and had a large gap between Friday night and
Sunday night.

In the morning the crosspair is in a range between 1.3418 and 1.3474.

/

First relevant news come from UK (08:30 GMT) with the Mortage Approvals followed by the Consumer Confidence of the European Monetary Union at 09:00 GMT.

There are today also some numbers for the Consumer Price Index of Germany. However the exact time is not fixed yet.

In the afternoon (12:30) the world is looking over the Atlantic to the US, where there are some important numbers in a row, e.g. Personal Income, etc.

At 14:00 GMT Mr. Geithner speaks, however this speech will be less important.

At 23:50 GMT Japan finishes the day with the jobless rate.

TRADING CHANCES FOR TODAY

I would see trading chances for long above 1.3490 with take-profit at 1.3540 and stop-loss at 1.3450.

For short there could be some chances below 1.3400 with take-profit 1.3360 and stop-loss at 1.3425.

I keep you informed about interesting trades at http://www.chat-trading.com

TRADING TIP OF THE DAY

„What about your stop management?
Did you ever use trailing stops?
Try different trailing stops (10-20 pips) and compare the results
I wish you all the best for your Forex trading and a good start into the new trading week

Berndt Ebner

Performance March 2010: 1254 Pips

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