The pair is trading @ 1.4348; yesterday it was down @ 1.4220, but yesterday evening right before close it went up to 1.4404 in 30 min; the reason want to be the fact the the Euro zone is getting out of the recession, while the US is not reverting it's negative phase; index executive and consumer sentiment went up and so it was easy for traders to buy Euro vs dollar, the Euro zone pay higher interest rate compared to $. right now there is a possibility that the rate goes to test it's year high to 1.4447, also if I am expecting a retracement today, I do not see a clear better situation for the Euro zone compared to the US one.
in the 4h chart the rate is over the EMA, in the upper bollinger band, RSI is @ 60; and stochastic is retracing, if we consider the last low @ 1.4049, and yesterday high the top of a movement start last Aug 17th, te rate has not retraced for 23% after yesterday top, so I am expecting at least a visit to 1.4320 area; open interest was unchanged.
here are some support and resistance:
R3 1.4698; R2 1.4508; R1 1.4428; S1 1.4244; S2 1.4140; S3 1.3956.
my trading plan:
sell now @ 1.4350;
stop loss 1.4428 (if it will go up, the high will be broken, so no need to high stop loss)
target back to 1.4250 area, or lower.
have a good trading day
:D
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