Quote of the day: Good judgment comes from experience and experience comes from bad judgment. — Fred Brooks
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EURUSD
Trading strategy: short at 1.2660, stop at 1.2720(0.5% risk), 1st objective at 1.2610, 2nd objective at 1.2560
The upside barrier around 1.2770 was retested yesterday and proved strong enough, once again – providing an intra-day selling point. The decline to as low as 1.2643 was short-lived, so the break below the trend line coming from 1.2585 is questionable – a hammer formation being seen on the 4-hrs charts, suggesting a reversal. But downside remains favored on a short-term basis, especially while this support zone is being tested and a clearer break may occur during the European or US trading sessions. In case of an extended recovery above 1.2700 – same 1.2770 may cap the upside. Selling on signs of weakness is probably a good strategy for now. Current quote is 1.2682 @05:40 GMT
Support: 1.2650/75, 1.2600 and 1.2500
Resistance: 1.2770/00, 1.2850, 1.2900/20 and 1.3000
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bearish
More trading setups
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Have a great weekend!
