Intraday Analysis Strategy Report

EURUSD INTRADAY SPOT Friday October 14th 2011

Where do we start! Coming into Friday I am looking at what the week has brought us so far. We started trading on Monday with an opening price of 133.87, eventually hitting a high 136.98, eventually closing at 136.27. Tuesday was more muted understandably closing at 136.33, up a measly 6 pips from the opening price. Then bang, bullish again Wednesday hitting highs of 138.34before closing at 137.38. All of this positivity off the back of a belief that Euro-zone leaders were eventually on track to get a credible plan together to sort the sovereign debt issues within the periphery once & for all, coupled with slightly better economic data coming out of the US. Thursday was a quieter session on low volume, closing down at 136.85. Technically the EURUSD pair are back under the key 136.90 level having temporarily snuck above it. Fundamentally Spain suffered another downgrade from S&P, downgrading the Spanish to AA from AA on negative outlook. Moodys & S&P now have Spain on AA-. Its been a monster week for the pair and going into Friday I suspect we will see a low volume range bound session with some potential profit taking going into the weekend. For this reason I have a short bias for today. STRATEGYSHORT ENTRY STOP 1ST TARGET 2ND TARGET 1.3824 1.3895 1.3760 1.3683 KEY LEVELS 1.3965 1.3895 1.3824 1.3798 1.3760 1.37683 1.3613 R3 R2 R1 & Thursday High 13th Resistance Pivot s1 S2

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