Trading strategy: holding yesterday’s short at 1.3825 with stop at breakeven, objective at 1.3725.
The euro recovered up to 1.3840 session’s high yesterday due to news of Eurozone deciding to aid Greece. The rally was short-lived as the news turned out to be unfounded. One gets to realize how sensitive the market is. However, the rally to 1.3840 fulfilled my expectations and my strategy’s short at 1.3825 got triggered, being a good trade which reached 90 points profit a bit earlier today, but still not reaching the 100 points target. Despite intra-day charts being slightly bearish, I think that the EUR holds gains just fine and the decline from 1.3840 could have been larger, potentially bringing Monday’s trading region back in focus. As the pair maintains its bid tone above 1.3750 – more upside action is likely, retesting yesterday’s top and 1.3900/30 eventually. Short-term sentiment is bearish and a change of current bearish structure would occur only on a sustained breach above 1.3900. Current quote is 1.3777 @07:20 GMT
Support: 1.3725/50, 1.3700, 1.3650 and 1.3585
Resistance: 1.3800/05, 1.3840/60 and 1.3900/30
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – slightly bearish
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