Quote of the day: A deception that elevates us is dearer than a host of low truths. — Marina Tsvetaeva
EURUSD
Trading strategy: small long at 1.2740, stop at 1.2680 (0.5% risk), objective at 1.2900
The euro recovered some losses, breaking above the 1.2750 resistance region, following the risk pairs which rallied yesterday. Euro’s recovery was also favored by EURCHF which switched direction, recovering from the record low at 1.2850 – as a result of gold’s pullback from recent high at 1254.50. Current break above 1.2750/70 provides a buying opportunity – allowing an intra-day correction to as low as 1.2700. Below that – downside pressure should resume. Short-term sentiment remains bearish for now but above 1.2900 things will look better for those patient bulls waiting a decent confirmation. Today’s key events in the economic calendar are the ECB Interest Rate Decision and the Press Conference, followed by the US Initial Jobless Claims and Nonfarm Productivity. Current quote is 1.2794 @05:36 GMT
Support: 1.2750/70, 1.2650, 1.2600, 1.2500 and 1.2430/50
Resistance: 1.2850, 1.2900/20 and 1.3000
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bullish
More trading setups
EURCHF
USDJPY
AUDJPY
Gold
Have a nice day!
