Daily Forecast - 20 April 2016
EURGBP Spot
EURGBP still has good support at 7890/85. This is the best chance of a low for the day again in oversold conditions. However longs need stops below 7870. If we continue lower look for a buying opportunity at 7840/45. Stop below 7825.
Minor resistance at 7906/10 but above here meets strong resistance at 7935/40 & a good chance of a high for the day. Shorts need stops above 7950. There is quite strong resistance again at 7970/75 & we should struggle here. However further gains target 7999/8003.
S&P June contract
Emini S&P trend line resistance at 2090/92 is the most important of the day. Try shorts with stops above 2099. A break higher targets December highs at 2105 then November highs at 2110. If we continue higher look for 2113/14 then July highs at 2125/26.
If we do finally hit profit taking to ease overbought conditions look for first support at last week's high of 2082/81. A good chance of a bounce from here on the first test this morning. However further losses later in the day not out of the question & target support at 2072/71. Watch for a low for the day but longs need stops below 2065.
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