Daily analysis and trading strategies 7-29-10

admin — Fri, 30 Jul 2010 03:06:44 +0000

EURUSD

Trading strategy: small long at 1.3050 on hourly close above 1.3045, stop at 1.2980 (0.5% risk), 1st objective at 1.3100, 2nd objective at 1.3200

The euro continues to consolidate into a narrow range around the 1.300 level, therefore the upside remains favored for now but a bullish close above 1.3050 has yet to be seen – and it would be a good clue that the euro might be firming up for higher price action. 1.3250 comes above current levels and it should be the next short-term objective if 1.3050 breaks. On the lower side, support will probably emerge around 1.2900 then a bit lower, at 1.2860 and 1.2750. While the euro holds gains above 1.2750 – short-term sentiment remains intact. Current exchange rate is 1.3009 @06:00 GMT

Support: 1.2950, 1.2900, 1.2860 and 1.2750/70
Resistance: 1.3050, 1.3100 and 1.3250
Market sentiment: long term – bearish, medium term – slightly bearish, short term – bullish, intra-day – bullish

: EURUSD 4hrs chart 7-29-2010

More trading setups GBPUSD

: GBPUSD daily chart 7-29-2010

EURGBP

: EURGBP 4hrs chart 7-29-2010

EURJPY

: EURJPY 4hrs chart 7-29-2010

NZDUSD

: NZDUSD daily chart 7-29-2010

Have a great day!

Forex Signals » 72910

Daily analysis and trading strategies 7-29-10