Missed on the big USD rally from yesterday but still made some good pips.
For today the lines in the sand for EURUSD are 1,5551 and 1,5598. The latter was just breached a few minutes ago but I chose not to go long as I am bearish on EUR today and I see this as only a short term bounce.
I will look to short bellow 1,5598 and again bellow 1,5551.
The market is flat for 2 hours already, waiting maybe for ADP Emplyement release. I like momentum, and very much dislike a sleeping market so I will close my position here @1,5590 for 8 pips profit.
With this breach of 1,5551 in EURUSD the down trend might be over for now. I think we could see some correction up till 1,5610 area before more downside tomorrow afternoon on the release of GPD for Q2.
It was busy months and years for me. My main occupation remained investment advisory and trading but I had little time to stay on forums. Now I am trying a come back because my daily schedule is a little less crowded these days.
The hourly studies are out from the oversold levels. I will be looking to sell at two succesive resistance levels. For today we have a first resistance level near 1,3987 but this is not very strong. The strogest level of resistence is near 1,4103.
EURUSD
The trend seems to be negative on the short term. However, I don't expect EURUSD to go much lower this morning, because the hourly studies are once again oversold. I expect sideways action during most of the London session. Another dip is possible around the opening of NY market. The closest level of support lies at 1,3730 while the nearest resistance level is at 1,3890. If the price action will bring EURUSD near 1,3890 before NY open, this could be a good opportunity to establish an intraday short position.
Best wishes for 2011 to everybody! The forex market is slowly coming back to normal, after a period of low liquidity during Christmas and New Year’s Eve. The trend is up on the short term. The only significant resistance for the next couple of hours is near 1,3436. My feeling is that we are a little overbought here, so I expect a little of a negative reaction near that level. Afterwards the level can be surpassed. I will be back in the afternoon with an update.
For now I have only bought 1 contract here @ 1,3385 with SL @ 1,3373
Bought @1,3335 but become very cautious when the price continued to slide until very close to my SL, so closed here on BE @1,3335. This concludes all my trading for today.
Held 2 lots long at an average of 1,3146 and now closed 1 lot @ BE.
As a result I now only hold one lot long at an average price of 1,3146. I continue to wait with this one and look to book a profit of at least 30 pips.
