Quote of the day:Truth, like surgery, may hurt, but it cures. - Han Suyin
EURUSD 1.4275 @06:40 GMT
Good morning. It seems theres still optimism on Greek as the euro recovered almost 2 big figures yesterday. Or was it short covering in a corrective cycle? One thing is certain: theres much pressure in the market and in case the Greek parliament rejects the austerity measures demanded by creditors there could be no plan B. My plan to sell at 1.4200 has failed, but I remain bearish on near term, as long as the 1.45-1.46 region stays at a safe distance. Trichets Speech is the most important event in the economic calendar today. With 1.4300 in focus at time of writing, I think that upside is slightly favoured and a break above minor resistance formed by Fridays top, also todays opening zone, would suggest further upside action towards mid 1.44.
Trading strategy: standing aside
Support:1.4200/30, 1.4150/70, 1.4100/25 and 1.4040/70 Resistance: 1.4320, 1.4350/60, 1.4400, 1.4450/75 and 1.4500 Market sentiment: long term – mixed, medium term – bullish, short term – bearish, intraday – bullish
EURUSD 4hrs chart 6-28-2011
have a great day!
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