EURUSD—sluggish

I still have a short on from 1.3686 and I entered another short position yesterday at 1.3550 when the pair reached the strong resistance zone I included in my blog post. I've moved my stop to breakeven on the latter one.

With all the negative sentiment over Euro (they need to decisively address the Greece problem), the pair probably won't be able to get very high today. Yesterday's high was 1.3569. If it should climb and take out my breakeven stop, I'll look for another short entry. A climb back to 1.3724, would be an excellent shorting level but I doubt it will happen. Price targets from various calculations are coming in at the 1.27 to 1.30 price levels. It won't happen tomorrow or perhaps not even this week but those are juicy targets.

Support is at 1.3508, 1.3456/64, 1.3435, 1.3405, 1.3263, 1.3209, and 1.3000. Resistance is at 1.3569, 1.3610, 1.3623/33, 1.3674 and 1.3724.

Here’s the hourly chart:














© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

My purpose in writing this blog is to show you how one trader, me, makes trading decisions and survives while trading Forex. One of the biggest problems I had when I first started trading was trying to apply the “rules” to actual trades. Another was the psychology—limiting losses and letting profits run. If you study my blog, you’ll see how I deal with both those issues. So my writings are not trade recommendations but rather educational in purpose. You have to decide on your own approach to trading. Remember that trading is risky.