Quote of the day: He who risks and fails can be forgiven. He who never risks and never fails is a failure in his whole being. - Paul Tillich

EURUSD

Trading strategy: small long at 1.2500, stop at 1.2430 (0.5% risk), 1st objective at 1.2550, 2nd objective at 1.2650

The euro recovered after retracing to as low as 1.2550 where it found intra-day support. The recovery was mainly driven by the risk & carry trade pairs - the AUD/JPY being the best performer so far. More upside is in the cards now as the EUR/JPY also managed to break through the 110.50/80 resistance. Today's economic calendar is quite busy and includes important events such as the ECB Interest Rate Decision, the ECB Press Release and the US Initial Jobless Claims. Technically, no change of market sentiment is signaled on a short-term basis and potential dips towards 1.2500 should provide fresh buying opportunities - $1.3 being in focus, also according to yesterday's poll results: 46% expecting to see $1.3 soon, while 36% are expecting the downtrend to resume. Current exchange rate is 1.2653 @06:15 GMT

Support: 1.2600, 1.2560, 1.2500/20, 1.2465, 1.2400 and 1.2300 Resistance: 1.2700, 1.2750 and 1.2800 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bullish

EURUSD

EURUSD 4hrs chart 7-8-2010

More setups

GBPUSD

GBPUSD
GBPUSD 4hrs chart 7-8-2010

EURJPY

EURJPY
EURJPY 4hrs chart 7-8-2010

AUDJPY

EURJPY
EURJPY 4hrs chart 7-8-2010

USDCAD

USDCAD
USDCAD 4hrs chart 7-8-2010

S&P 500

S&P500
S&P500 daily chart 7-8-2010

Have a nice day!