| EUR USD 04-02-10 |
EURUSD
EURUSD plodded gradually higher at the start of the week, and yesterday managed to overcome 1.4000 resistance setting off a few weak stops;butthe pair only got as far as the 1.4030 supply level before selling interest kicked back in and the pair resumed its ungraceful slump back below the 1.3900 handle.
Heavy trading in Asia means we’re almost back to last Friday’s 1.3850 lows, and prior rebound level, but if ever there was a trading mantra to live by it’s that the trend is your friend; and with this bear market vividly in play we would steer well clear of the temptation to take another long punt ahead of Trichet and co later today.
Instead we remain poised to sell more EURUSD on any bounces back toward 1.4000, and on a confirmed break of this 1.3850 support would look for a quick visit to 1.3750-60 coincing with the next major support and lower bound of the downtrend channel.
EURUSD plodded gradually higher at the start of the week, and yesterday managed to overcome 1.4000 resistance setting off a few weak stops;butthe pair only got as far as the 1.4030 supply level before selling interest kicked back in and the pair resumed its ungraceful slump back below the 1.3900 handle.
Heavy trading in Asia means we’re almost back to last Friday’s 1.3850 lows, and prior rebound level, but if ever there was a trading mantra to live by it’s that the trend is your friend; and with this bear market vividly in play we would steer well clear of the temptation to take another long punt ahead of Trichet and co later today.
Instead we remain poised to sell more EURUSD on any bounces back toward 1.4000, and on a confirmed break of this 1.3850 support would look for a quick visit to 1.3750-60 coincing with the next major support and lower bound of the downtrend channel.
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