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.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
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