Thursday, May 28, 2009

EUR/USD May 28Th

The pair is trading right now @ 1.3820; yesterday low 1.3823; high 1.3999 (please note this);
So it failed to break definitively 1.40 area and retraced down to 1.3800 area this early morning;
today we are going to know some news: German unemployment change and US unemployment claim; among the others these two are the most important to me;
the German is expected worst; so I think the pair will go down until it's publication; if this news will be not better than expected I see EUR/USD at 1.3720 area right before the US unemployment claims; If this will be not worst than expected I will sell more EUR/USD otherwise I will cover all my short positions;
here are some support and resistance:
R3 1.429; R2 1.4060; R1 1.3943; S1 1.3764; S2 1.3702; S3 1.3523

this is my trading plan:
I am short 1x unit EUR/USD since yesterday
stop loss down to 1.3864 (my expectation is that the rate will not go over 1.3855 today)
today I will sell 1x unit now @ 1.3834;
stop loss 1.3864
target 1.3700 area;

have a good trading day
:D

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