EURUSD
Trading strategy: standing aside
Downside is under pressure again as the euro failed to hold gains and penetrate higher, above 1.38. Important intra-day support comes at 1.3650, not far from current trading level. If it holds, next objective at 1.3550 might have a chance to stay intact for now. Short-term sentiment remains mixed while the pair continues to look for direction into a 250 points range. On the North side, resistance starts at 1.3730, followed by 1.3800/20 and 1.3850/60. Intra-day break above 1.3735 resumes uptrend. Current quote is 1.3679 @06:50 GMT
Support: 1.3640/50, 1.3600/15 and 1.3550
Resistance: 1.3735, 1.3800/20, 1.3850/60 and 1.3900
Market sentiment: long term – bullish, medium term – bearish, short term – mixed, intra-day – bearish
GBPUSD
Trading strategy: looking to buy dips on potential pullback to 1.5170, stop at 1.5110(0.5% risk), objective at 1.5290. Alternatively, will sell at 1.5430, stop at 1.5490(0.5% risk), objective at 1.5310
Cable rose to fresh highs yesterday, reaching a session top at 1.5380, breaking the resistance trend line connecting recent tops – now around 1.5270, providing support. Upside remains favored and the minor decline from 1.5380 seems corrective. Below 1.5270, sell-off may intensify as the channel structure would be again valid, but support may limit losses into the 1.5150 region. Current quote is 1.5290 @06:50 GMT
Support: 1.5270, 1.5200 and 1.5150
Resistance: 1.5320, 1.5380 and 1.5420
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bearish
Have a good day!
