EURUSD pair has advanced after the free fall from the debt crisis led by Italy, but yesterday we have seen some recovery in the EURO and we see that buying has resumed in it. SO we are bullish for intraday trading. Fundamentals has weaken for the EURO as Italy debt crisis has now emerged as one of the big issue for EURO, so this can be the bad news for the market participants. We see that today’s trend to be bullish so trading with the trend we are only looking for the buying opportunities as long as the EURO remains above the 1.4215 level. so trading with the trend we will buy EURO around 1.4245 for targets as 1.4275 and then 1.4305 zone in intraday trade. Even technical indicators are showing clear bullish trend for intraday. Also we advice traders to keep their stop loss with 1:2 risk reward ratio and try to trade with good money management skill.
EURUSD technical analysis for 21 July 2011: We recommend to trade long (buy) in EURUSD above 1.4245 for target of 1.4475 and 1.4305 also place protective stop loss below 1.4225. This view is based on technical analysis and for intraday trading purpose only.
Good analysis bhaveek, but today I think its better to stay away from markets as news events may cause volatile moves in euro. thanks
Bhaveek Patel says
If you are comfortable then that is right decision. Staying away from markets is also good decision.