Quote of the day: Bad politicians are sent to Washington by good people who don't vote. - William E. Simon
Trading strategy: standing aside
Yesterday's top side is again under pressure as the euro recovered in overnight trading, following the NZD and AUD which rallied as New Zealand raised interest rate and Australia's jobless rate fell. My yesterday's trading strategy was quite a good run - reaching 100 pips profit before euro's rebound. Speaking of current recovery - it seems that there's some more maneuver room between 1.2000 and the upside projection at 1.2150. Keep an eye on this 1.2050 resistance region formed by the trend line coming from 1.3360 - as a sustained break should favor further upside action. Current exchange rate is 1.2055 @05:57 GMT
Support: 1.2000, 1.1960/80, 1.1875/00 and 1.1800 Resistance: 1.2050/70, 1.2100 and 1.2150 Market sentiment: long term - bearish, medium term - bearish, short term - bearish, intra-day - bullish
The pullback towards 1.4500 which I mentioned in my yesterday's evening report confirmed that we have support now at 1.4500 and further upside action is in the cards - next objective being 1.4800. Meanwhile, short-term sentiment remains in a neutral-bearish configuration, while cable trades below 1.4650. Current exchange rate is 1.4586 @05:57 GMT
Support:1.4500, 1.4400 and 1.4250 Resistance: 1.4600, 1.4650 and 1.4800 Market sentiment: long term - bearish, medium term - bearish, short term - bearish, intra-day - bullish
Have a great day!