The pair is trading @ 1.4221; yesterday we moved from 1.4084 to 1.4267; the reason is clear: oil stat said that oil stock went down at a record pace, the first reason might be an increased demand, that could mean that the recession is over... so the oil went strongly up and the stock market led by energy shares went also up; OK demand for oil in summer is usually higher, we also have a hot summer...so now we need to understand about the rest; I think for the moment yesterday's episode needs a confirmation, and untill we have one the market should not move away from the actual levels. The Dow Jones yesterday closed up at the same level it was 10 min after oil stat...Nikkei this morning just recovered from the other few days ofdiscrepancies (it was down yesterday compared to the other stock market...).
Today we will get the Unemployment claims number and the Natural GAS stat (will this one also move the market today?)
In the 4h chart we are above the Ema, in the upper bollinger band; RSI is @ 55; the stochastic might need a correction on the downside.
here are some support and resistance:
R3 1.4557; R2 1.4374; R1 1.4297; S1 1.4114; S2 1.4008; S3 1.3825.
My trading plan:
sell 1x unit now @ 1.4219;
stop loss @ 1.4327;
target 1.4084 or lower.
have a good trading day
:D
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