EURUSD

Trading strategy: standing aside

The euro is weaker today after pulling back from 1.3250 but still holds above 1.3100 which is the first important support level to watch. Current pullback doesn't affect the short-term sentiment but doesn't seem to be over yet, so keep an eye on 1.3100. Intra-day resistance starts at 1.3190, followed by 1.3250. If 1.3190 caps the upside, then 1.3100, perhaps 1.2970/00 later, will be in focus. Today's economic calendar is quite busy - most notable events being the Rate Decision in Europe and UK, followed by the ECB press conference and the US initial jobless claims later today. Downside should remain favored unless a break above 1.3200 occurs. Current exchange rate is 1.3161 @06:12 GMT

Support: 1.3100/20, 1.2970/00 and 1.2900
Resistance: 1.3190/00, 1.3250/90, 1.3400 and 1.3500
Market sentiment: long term - bearish, medium term - slightly bullish, short term - bullish, intra-day - bearish

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Have a good day and happy trading!