EURUSD Still In Range

EURUSD – 1.4470 @07:01 GMT

Good morning. Range bound trading continues as the euro has failed to break above 1.4520 but found support after pulling back to 1.4380 amid European debt concern. Technically – bias is still to the upside and I’m still looking for a break above 1.4500/20 in the coming days/next week, but I’m carefully watching support zone into the 1.4250-1.4350 range if the euro shows weakness, considering short term selling opportunities on the breakdown. Today’s most important event in the FX Calendar is the US CPI data release at 13:30 GMT.

Trading strategy: looking to buy at 1.4505, stop at 1.4465 (0.25% risk), target at 1.4585. Secondary plan is to sell at 1.4440, stop at 1.4490 (0.25% risk), target at 1.4365

Support: 1.4450, 1.4400, 1.4350, 1.4250 and 1.4130/50 Resistance: 1.4520, 1.4580/00, 1.4650 and 1.4700 Market sentiment: long term – mixed, medium term – bullish, short term – bullish, intraday – mixed

EURUSD hourly chart 4-15-2011

Have a good day

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