Quote of the day: You cannot simultaneously prevent and prepare for war. - Albert Einstein
Trading strategy: standing aside
The dollar recovered Friday's losses against the euro after South Korea said it will halt trade with its northern neighbor and seek United Nations Security Council action over the sinking of a warship last month. Former intra-day resistance around 1.2440 may come into our attention as the pair is facing downside pressure at the time of writing. Lower support comes at 1.2350 - last week's open also the 61.8% of 1.2145 to 1.2670. On a short-term basis, the recovery initiated last week may continue but selling on rallies should remain the best bet for now. Current exchange rate is 1.2512 @06:15 GMT
Support: 1.2430/50, 1.2350, 1.2300 and 1.2130/45 Resistance: 1.2550, 1.2620, 1.2670 and 1.2750 Market sentiment: long term - bearish, medium term - bearish, short term - bearish, intra-day - bearish
Have a great day!