Quote of the day: Even if you fall on your face, you're still moving forward. - Victor Kiam
EURUSD - 1.3477 @06:40 GMT
Trading strategy: long at 1.3530, stop at 1.3480 (0.5% risk), objective at 1.3630
Good morning. The dollar recovered some losses after the euro touched a monthly high at 1.3537 yesterday - breaking above December's top side, also a notable resistance line lately. My yesterday plan to look for a buying opportunity on pullback to 1.3440 was quite a good bet, as the EUR rallied above 1.35 immediately. So far there are no signs of reversal on a short-term basis, although intra-day studies are slightly bearish, but there's more upside ahead as long as 1.3430 provides support - next key resistance coming around 1.37. Today's notable events in the Forex calendar are the US Initial Jobless Claims and the Existing Home Sales at 13:30 GMT and 15:00 respectively.
Support: 1.3430/50, 1.3360, 1.3300, 1.3230/50 and 1.3200
Resistance: 1.3540/50, 1.3570 and 1.3700
Market sentiment: long term - mixed, medium term - mixed, short term - bullish, intraday - slightly bearish
- EURUSD 4hrs chart 1-20-2011
Have a good day and good luck trading!