EURUSD

Trading strategy: standing aside

Friday's pullback towards the 1.2970 support zone was short-lived - once again confirming current uptrend's strength on a short-term basis. More range-bound action is likely while 1.3100 caps the upside and potential dips will probably trigger support into the 1.2970-1.3000 region. No signs of trend exhaustion are seen yet but if one looks for short opportunities - then a break down below 1.2970 should provide one. Meanwhile, upside remains favored but stabilizing above 1.3100 doesn't seem easy, yet. Today's notable events in the economic calendar are the ISM Index at 15:00 GMT and Mr. Ben's speech at 15:15 GMT. Current exchange rate is 1.3084 @06:10 GMT

Support: 1.2970/00, 1.2900, 1.2860 and 1.2750/70 Resistance: 1.3100, 1.3200 and 1.3250/90 Market sentiment: long term - bearish, medium term - slightly bearish, short term - bullish, intra-day - bullish

http://www.innerfx.com/wp-content/charts/2010/08/EURUSD-hourly-chart-8-2-2010.png

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Have a good day!