EURUSD
Trading strategy: stand aside
Short term sentiment remains positive despite Friday’s minor pullback to 1.4675 but the intra-day charts show signs of weakness since falling below 1.4750 support. Therefore, a break above 1.4750/70 is needed to re-initiate the intra-day uptrend. On a potential resume of the uptrend, objectives may be set around 1.4800 and 1.4845/50 resistance levels. On the lower side, intra-day support is formed by 1.4670 backed by 1.4580/00 lower. My last EURUSD long position at 1.4710 has been closed at break even, on Friday’s extended pullback. Current exchange rate is 1.4716 @06:00 GMT
Support: 1.4700, 1.4670 and 1.4580/00
Resistance: 1.4750/70, 1.4800 and 1.4845/50
- EURUSD daily chart 10-12-2009
GBPUSD
Trading strategy: short at 1.5960, initial stop at 1.6020, objective at 1.5860. Adjust stop to breakeven on +30 pips (at 1.5930) if reached.
Downside pressure intensified on Friday after breaking below 1.5950/60 – former support which may provide resistance on extended gains now. Interim resistance formed by an upward trend line is formed around 1.5890 and a potential break could open 1.5950/65. Short term sentiment is bearish due to Friday’s break down below 1.5950/60. As long as the 1.5950-1.6 region provides resistance, short term momentum will remain negative, favoring further selling. Current exchange rate is 1.5858 @06:00 GMT
Support: 1.5800, 1.5750 and 1.5700
Resistance: 1.5890/00, 1.5950/65 and 1.6000
- GBPUSD 4 hrs chart 10-12-2009
- GBPUSD daily chart 10-12-2009
The performance statement has been updated.
Have a great day!
