Quote of the day: Experienced traders control risk, inexperienced traders chase gains. - Alan Farley

EURUSD

Trading strategy: small long at 1.2820, stop at 1.2760 (0.5% risk), 1st objective at 1.2870, 2nd objective at 1.2920

$1.3 is getting closer as the euro rallied yesterday, overcoming the $1.2800 barrier. Even though there are no signs of a pullback yet, it is Friday and some profit taking will probably limit gains towards 1.3. Short-term sentiment remains highly bullish and a change of mid-term studies should be confirmed if 1.3 breaks soon. On intra-day basis, pullbacks below 1.29 are expected to face support around 1.2830/50 and a bit lower - at 1.2785/00 which served as resistance. Today's most notable event in the economic calendar is the Consumer Price Index at at 13:30 GMT. It is somehow funny to admit it but the euro looks overbought - I wasn't expecting to say it anytime soon as I got used to its multi-month collapse. Time will tell if current recovery is corrective or not, and we will most likely find out very soon. Current exchange rate is 1.2905 @05:55 GMT

Support: 1.2900, 1.2830/50, 1.2785/00 and 1.2700 Resistance: 1.2950, 1.3000 and 1.3100 Market sentiment: long term - bearish, medium term - slightly bearish, short term - bullish, intra-day - bullish EURUSD

More setups

GBPUSD

GBPUSD
GBPUSD 4hrs chart 7-16-2010

EURCHF

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EURCHF 4hrs chart 7-16-2010

EURGBP

EURGBP
EURGBP daily chart 7-16-2010

Gold

Gold
Gold 4hrs chart 7-16-2010

Have a great weekend!