EURUSD

Trading strategy: standing aside

Another failed attempt to break above 1.2900 occurred yesterday although the euro rallied to as high as 1.2920 before weakening throughout the US trading session. The appreciation to 1.2920 was a result of following the Pound which rallied coming behind the BoE minutes. As I said yesterday - I'd prefer a bullish confirmation which has yet to be seen and intra-day spikes few pips above 1.2900 are not valid confirmations on a short-term basis. Meanwhile, 1.2740/50 which is an important support level is not far from current market levels, so we should keep an eye on it - if 1.2780/00 fails. Current exchange rate is 1.2808 @06:09 GMT

Support: 1.2780/00, 1.2740, 1.2600 and 1.2500
Resistance: 1.2900/20, 1.3000, 1.3100 and 1.3250
Market sentiment: long term - bearish, medium term - slightly bullish, short term - slightly bearish, intra-day - bearish

EURUSD

EURUSD 4hrs chart 8-19-2010

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EURAUD 4hrs chart 8-19-2010

Have a good day!