Friday, July 13, 2007

1.3800 Is Option-Protected??

The euro reached a fresh all time high for the third successive attempt on the back of a strong dollar selling. However, euro needs to hold above 1.3733 to remain bullish or consolidative at least, and then the next task is to clear the 1.3800 resistance to keep euro on the path to a projected 1.3900 and beyond for the weeks to come.

Today's Pivot Points:
R3 = 1.3869
R2 = 1.3834
R1 = 1.3810
PP = 1.3775
S1 = 1.3751
S2 = 1.3716
S3 = 1.3692

Today's Calendar:
1- US Core Retail Sales 8.30 pm
2- US Import Price Index 8.30 pm
3- US Consumer Sentiment 10.00 pm

Today's Strategy:
1- Asian high low breakout. (will discuss about this setup later).
2- Waiting for a nice sell signal from the hourly Cornflower setup. (refer to the chart)
3- Buy on dips, 1.3750 and 1.3730 provide as good supports.
4- Sell on peaks, 1.3795, 1.3815 provide as resistances.

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