Sunday, August 30, 2009

EUR/USD was able to break through support (and last week’s signals) of 1.4300 but has not managed to do much since then, only getting down to around 1.4280. It has since zig-zagged in a tight range between 1.4280-1.4315. In the short, short term I expect this range to continue (might be good for some scalping) but my bias remains bullish and I will look for buying opportunities near support and on dips.

Trading Idea: Pair is right on (weak) support of 1.4280 right now, better support not seen until trend support just below 1.4250 where I will look for buying opportunities. Long targets back up to 1.4300, 1.4345 and 1.4395. If support is broken look for a re-challenge of 1.4200.