5-27-09
6:21a GMT – Pair did bounce off support yesterday (netting us some pips) which technically puts the charts in a more bullish light for the short and mid-term. Fundamentally it seems that as news and leading indicators on the US economy improve people are removing their money from the relative safety of US dollars and seeking riskier investment vehicles (such as stocks, carry trades, etc.). This is why we are seeing such a solid rise in the EUR vs. the USD.
Trading Idea: To capitalize on the uptrend we will look to buy on bounces of support closest and strongest is above 1.3850, though I will be watching the 60M charts for bullish candlestick signals for entry points as well. Targets at 1.3895, 1.3930 and 1.3995. Smart stops as pair is still teetering on overbought.
(click to enlarge)
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Hi,
why 3850? Is it because it’s in the middle of highs and lows from 20th and 26th May?
pls i want to ist and foremost thank you for everything.is it possible for you to just give us exact entry prices.