EURUSD

Trading strategy: small short at 1.2060, stop at 1.2130 (0.5% risk), objective at 1.1920.

The multi-year bottom at 1.1875 stays in focus as the euro is consolidating into the 1.1900 - 1.2000 region, facing resistance on each attempt to recover some of the lost ground. Above 1.2000, next barriers are emerging at 1.2050 and 1.2100 - formed by two downward trend line, followed by 1.2150 - horizontal resistance / former support in the last 3 weeks. Looking at the hourly charts - a minor support is noticed around 1.1930, coming from 1.1875 through yesterday's low and it is currently being tested. Although a recovery is expected to face solid resistance around 1.2150 - there are doubts that the euro will get that high anytime soon. Keep an eye on the 1.1850/75 if yesterday's bottom will be breached - as euro's implosion may resume - next downside objectives on near term basis being 1.1650 and 1.1200. Current exchange rate is 1.1930 @05:40 GMT

Support: 1.1875/00, 1.1800, 1.1750 and 1.1650  Resistance: 1.1980/00, 1.2050, 1.2100 and 1.2150 Market sentiment: long term - bearish, medium term - bearish, short term - bearish, intra-day - bearish

EURUSD
EURUSD 4hrs chart 6-9-2010
EURUSD
EURUSD hourly chart 6-9-2010

I'll be back a bit later with more pairs