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EURUSD
Trading strategy: stand aside
After reaching a fresh high at 1.4875 on yesterday, the euro pulled back but has found buyers on the dip to 1.4805/10. Therefore, upside is under pressure now as the euro trades comfortably into the higher half of the 1.48 region. Intra-day support is formed by 1.4800/10 backed by an upward trend line coming around 1.4760 and 1.4690/00 lower. On the upside, 1.4890/00 provides the first barrier followed by 1.4930 and the 1.5 mark. In case of extended gains above 1.49 during the coming days, volatile reactions are likely if 1.5000 will be reached. Both short-term and intra-day studies are positive and intra-day momentum won’t be affected as long as 1.4810 provides support on dips. My long position @1.4805 has been closed at break even on last pullback to 1.4803. Current exchange rate is 1.4885 @06:00 GMT
Support: 1.4800/10, 1.4760 and 1.4690/00
Resistance: 1.4890/00, 1.4930 and 1.5000
- EURUSD daily chart 10-14-2009
- EURUSD 4hrs chart 10-14-2009
GBPUSD
Trading strategy: short at 1.6120, initial stop at 1.6180, objective at 1.6020. Adjust stop to break-even on +30 pips (at 1.6090) if reached
Cable recovered on yesterday and reached the short-term resistance at 1.5960/70 earlier today, the said barrier being tested while writing this report. A break out is likely and will confirm the positive structure which is being developed. Above 1.5960/70, next important resistance is eyed at 1.6120 and it could limit potential gains. On the lower side, support starts at 1.5900 backed by 1.5860/70, 1.5800 and 1.5700/05. Intra-day sentiment is positive and will remain bullish while cable holds gains above 1.5860/70. Current exchange rate is 1.5977 @06:00 GMT
Support: 1.5900, 1.5860/70, 1.5800 and 1.5700/05
Resistance: 1.5960/70, 1.6000 and 1.6120/40
- GBPUSD daily chart 10-14-2009
Have a great day!
