Choppy retracement day for EURUSD 19 Oct 2009

Expecting a choppy retracement day as sellers fight for a lower low at the 1.4820 support.

This would eventually close as a hanging man candle in the daily charts today.

Trade plans would benefit scalpping with a target of 10 to 20 pips as we take advantage of the market forces fighting for control.

Both side rejection for EURUSD on 12 Oct 2009

Today will be a choppy day as trading volume and volatility is reduced with the US and Japan market having their bank holiday. Expecting sellers to test 1.4650 in the slow downtrend today in the London session and buyers to push EURUSD towards the 1.4720 area for a higher high area.

Fighting for a close above 1.4700

Choppy retracement day where market is deciding if bullish strength is strong enough for a bullish engulfing candle in the weekly charts.

Positions will not be held over the weekend as monday is a holiday for the US and Japan markets. This would impact the volatility and movement of all USD and JPY curriencies.

Buy on dip for EURUSD

Expecting an upclose day for EURUSD today and following bullish sentiment from last night's close, market is expecting a small interest rate hike from ECB later today. Fundamental news aside, EURUSD may not be able to sustain the price of 1.4770 during the Asian session after which buyers will try for a higher high above 1.4780 by mid-London session.

There might be a choppy sideways market between 1.4720 to 1.4760 where buyers strength is weakening at the higher low area.