Monday, February 7, 2011

Intra Day EURUSD Outlook and Levels - 8th Feb 2011


Attached is the chart for EURUSD with the levels for today. As can be seen, the levels are the same as they were yesterday. It was a very strange day was yesterday. I,for one, did not expect eurusd to bounce towards the end of the day and i was a bit surprised to see that. Thankfully for me, i am mainly a day trader and i did not have any open positions as it was close to the end of the trading day for me.

So, today is a new day for me and this gives me a chance to take stock and re-evaluate things. From what i see today, i believe that today will be an up day for the Euro, though i will be very careful with the trades today. The picture is not as straight forward as with the shorts yesterday and so be very careful today. Expect price to go down to 1.3580 during the early european hours and then expect price to move up.

Again, be very careful and nimble and follow the levels strictly. Be ready to reverse whenever you see signs for that on the charts.