Daily analysis and trading strategies 8-16-10
Quote of the day: Earth provides enough to satisfy every man’s need, but not every man’s greed — Mahatma Gandhi
EURUSD
Trading strategy: small short at 1.2880, stop at 1.2960(0.5% risk), objective at 1.2730
Euro’s recovery on Friday was again limited by 1.2900 and the 3 weeks gains were cut in a single week as the euro lost 570 points in the last 5 days. Support was found at 1.2730 — level which provided support on July 21. Short-term sentiment is slightly bearish and a break above 1.3000 is what the bulls should look for, to confirm uptrend continuation. Meanwhile, selling into rallies or on a break down below 1.2730 are probably the safer strategies.