Trading strategy: standing aside
Stress tests results released on Friday showed that 7 banks failed the health checks. The results appear to be good news but question is: how severe those tests were? The euro recovered after the dip to 1.2800 and currently trades into the 1.29 area, maintaining the bullish momentum intact. Even though it provided a stable resistance so far, 1.3000 remains in focus and it seems to be a matter of time until it will breach. Interim intra-day resistance is formed by 1.2950 while on the downside, intra-day support starts at 1.2860, backed by 1.2800. Current exchange rate is 1.2916 @06:03 GMT
Support: 1.2860, 1.2750/70, 1.2685/00 and 1.2600 Resistance: 1.2950, 1.3000/25 and 1.3100 Market sentiment: long term - bearish, medium term - slightly bearish, short term - bullish, intra-day - bullish
- GBPUSD 4hrs chart 7-26-2010
- EURJPY 4hrs chart 7-26-2010
- EURAUD 4hrs chart 7-26-2010
- USDCAD daily chart 7-26-2010
Have a great day!