Monday

Daily analysis and trading strategies 09-07-09by Liviu

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EURUSD

Trading strategy: stand aside

1.4200 provided a good turning point once again on Friday’s test and the euro bounced, returning into the upside zone. Today’s trading is expected to be quiet due to the Labor Day holiday in the U.S. Both intra-day and short term studies are positive and won’t be affected on pullbacks as long as the intra-day support at 1.4265/70 and short-term’s 1.4200 respectively will hold. On the upside, resistance is being challenged at the time of writing this, at 1.4300 – formed by the descendant trend line coming from 1.4405. Next barriers are seen at 1.4385/00 and 1.4450. Current exchange rate is 1.4333 @05:45 GMT

Support: 1.4300, 1.4265/70 and 1.4200
Resistance 1.4330/50, 1.4385/00 and 1.4450

GBPUSD

Trading strategy: stand aside

The Pound is currently retracing  after last attempt on 1.6400 and first support comes at 1.6350 which is also the median retracement level of the last upward swing from 1.6285 to 1.6415. It may provide a stable support along with 1.6335 which is the 61.8% of the same up leg. Ultimately, another intra-day support level is formed into the 1.6300/10 region. Short term sentiment is slightly positive but a break above 1.6400 would be a good confirmation of current bias. Buying into the 1.6335/1.6350 is tempting but not during a holiday. Current exchange rate is 1.6373 @05:45 GMT

Support: 1.6335/50, 1.6300/10 and 1.6250
Resistance: 1.6400/20, 1.6450 and 1.6500