EURUSD - 1.3718 @06:45 GMT
Trading strategy: looking to buy at 1.3760, stop at 1.3710 (0.5% risk), 1st objective at 1.3810, 2nd objective at 1.3860
Good morning. Resistance at 1.3750 is still intact after yesterday's hourly tests as a stronger catalyst is needed to push price above that level. It's obvious that everyone is looking (read: selling) at the 61.8% of 1.4280-1.2870 which stands around 1.3735 - so it will be interesting to see how price reacts in the following trading sessions. From a technical perspective - my question to you is Which of the two do you prefer? 1) Reversal when Fib level is reached or 2) Trend following.
I remain bullish on EURUSD for now - although recent hesitation at top side along with price stuck in a tight range this week are two warning signs but I can blame my lack of patience. The US GDP at 13:30 GMT is today's most important data release in the Forex calendar.
Support: 1.3650, 1.3600, 1.3530, 1.3430/50, 1.3360 and 1.3300
Resistance: 1.3730/50, 1.3800 and 1.3900
Market sentiment: long term - mixed, medium term - mixed, short term - bullish, intraday - neutral
- EURUSD daily chart 1-28-2011
- EURUSD hourly chart 1-28-2011