Daily Forecast - 05 April 2016
EURUSD Spot
EURUSD minor support at 1.1370/60 but better support again at 1.1330/25 is the most important of the day. Longs need stops below 1.1315 with further losses to target a buying opportunity at 1.1295/90. Longs need stops below 1.1270.
Minor resistance at 1.1400/10 held almost perfectly yesterday, but above here re-targets last week's high at 1.1434/37. If we continue higher in the bull trend as is likely this week, look for 1.1455/60 then important October highs at 1.1490/95. Just be aware that a break above 1.1515/20 signals further gains targeting 1.1550/60.
EURGBP Spot
EURGBP overbought short term but any weakness is a buying opportunity. Holding below 8000/7990 risks a slide to important support at 7945/35. Try longs with stops below 7920.
A break above 8020 targets important longer term resistance at 8035/39. This is the most important resistance of the week. In fact on the longer term charts we have strong resistance again at 8065/70 so these are 2 important challenges which look unlikely to be beaten at this stage. The pair could top out in this area & cap 4 months of strong gains.
GBPUSD spot
GBPUSD first resistance at 1.4275/80. A break above 1.4300 however signals further gains to 1.4325/30, perhaps as far as resistance at 1.4350/60. A break above 1.4375 could then targets important trend line (& head & shoulders neck line) resistance at 1.4450/60.
Minor support at 1.4259/55 but the first real support is at 1.4210/05. If we continue lower look for less important trend line support at 1.4165/55. A break lower however is a sell signal & could target 1.4100 then 4 week lows at 1.4055/50.
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