EURUSD
Trading strategy: long at 1.4855 on break of 1.4845/50 (hourly bar/candle close above 1.4850), initial stop at 1.4815, objective at 1.4935. Adjust stop to breakeven on +30 pips (at 1.4885) if reached
Yesterday’s bounce off support on the 1.4700 handle was an early warning signal that uptrend could resume and the decline to 1.4700 was corrective in nature. Resistance formed into the 1.4850 region by September’s peak has limited yesterday’s gains but the euro may resume yesterday’s rally, a close above 1.4850 would increase the odds of uptrend resumption. On the lower side, support starts at 1.4800, backed by 1.4750 and 1.4700. Important support is also seen below 1.4700, at 1.4650 and 1.4600. Current exchange rate is 1.4825 @06:50 GMT
Support: 1.4800, 1.4750, 1.4700 and 1.4650
Resistance: 1.4850, 1.4900/30 and 1.5000
- EURUSD daily chart 10-30-2009
GBPUSD
Trading strategy: long at 1.6470, initial stop at 1.6410, objective at 1.6570. Adjust stop to breakeven on +30 pips (at 1.6500) if reached
Upside is under renewed pressure as cable managed to break above 1.6500, bringing the 1.6700-1.6740 reistance zone in focus. Minor support has been formed at 1.6450/70 and while it holds on potential pullbacks, the upside should remain favored. Short-term sentiment is positive while the intra-day is neutral at the time of writing this. Current exchange rate is 1.6530 @06:50 GMT
Support: 1.6500, 1.6450/70, 1.6400 and 1.6300
Resistance: 1.6600, 1.6700 and 1.6740/50
- GBPUSD daily chart 10-30-2009
I will probably get back later today with an update report. Don’t forget today is the webinar session, at 17:00 GMT. Have a great day!
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