Wednesday, February 9, 2011

Intra-Day Outlook for EURUSD - 10th Feb 2011


Attached is the EURUSD chart with the levels. The levels have not changed over the past few days. Today might just be the day when you need to just throw away all your indicators and stuff and just go with the flow.

I look for certain signs and the signs say that today will be a bullish day, though the signs arent very bright. But irrespective of these signs, i would be bullish today just for one reason. The fact that a strong resistance has been broken after many days, i would expect a reaction to this break. With the price holding above the resistance turned support, there should be a good reaction to this break.

So, for today, expect a pullback to 1.3700s or 1.3680s and then a move towards 1.38 and beyond. As i said, the break of resistance at 1.3680 is a good enough sign for us to be bullish on the euro.

Trade carefully, and as i always say, be nimble and switch positions when you see something wrong on the charts.