EURUSD
Trading strategy: short at 1.4720, initial stop at 1.4770, objective at 1.4640. Adjust stop to breakeven on +30 pips (at 1.4690) if reached
Not much has changed across the board while I’ve been on my annual vacation during the last two weeks. Current euro’s pullback from 1.4845 seem corrective and the euro has found support on the median retracement level of September’s upward move from 1.4190 to 1.4845 – at 1.4520. Short term momentum remains negative despite the minor recovery from 1.4500/20 to current levels near 1.4650. A daily bar close above 1.4700 would re-initiate the uptrend. Intra-day momentum is positive and will remain intact as long as 1.4600 provides support on pullbacks. Current exchange rate is 1.4645 @06:10 GMT
Support: 1.4600, 1.4550/65 and 1.4500/20
Resistance: 1.4650, 1.4700 and 1.4750
- EURUSD daily chart 10-5-2009
GBPUSD
Trading strategy: stand aside
The low of June have been under pressure recently as the Pound has weaken against the dollar, extending its decline from the 1.67 region. Current recovery from 1.5800 to 1.6 is not enough to signal a change in sentiment and downside bias remains intact as long as the Pound trades below the 1.62 – 1.63 region. Intra-day studies are bullish though and first important resistance is seen at 1.6125 – last week’s top side. Current exchange rate is 1.6011 @06:10 GMT
Support: 1.5900, 1.5850 and 1.5800
Resistance: 1.6050, 1.6100/25 and 1.6200
- GBPUSD daily chart 10-5-2009
I will probably get back with an update later today.
Happy trading!
Welcome back. I hope you had plenty of rest to fully recharge your batteries !
well not too much time for recharge since I've been in a hurry and traveled a lot: 5000 km driving during these two weeks. Anyway, it was worth it. Both Italy and Austria are very beautiful countries. Tuscany is impressive! I will definitely go back there sometime and stay for more than 3 days :-)