Quote of the day: Just because something doesn’t do what you planned it to do doesn’t mean it’s useless. — Thomas Edison
EURUSD
Trading strategy: stand aside
The upside targets remain in focus as the euro holds steady around the 1.50 handle, finding solid bids on the minor pullbacks to 1.4950. Short-term sentiment will remain positive as long as support layer into the 1.4850-1.4900 zone is intact. Although price action reflects a high degree of uncertainty, upside is favored and potential dips will most likely be fresh buying opportunities. Above 1.5050/60, next barriers are emerging at 1.5100 and 1.5200 – the rising channel’s upper band as seen in the chart below. Current exchange rate is 1.5005 @07:00 GMT
Support: 1.4950, 1.4900, 1.4850 and 1.4800
Resistance: 1.5030/60, 1.5100 and 1.5200
- EURUSD short-term chart 11-12-2009
GBPUSD
Trading strategy: long at 1.6405, initial stop at 1.6335 (1% risk), objective at 1.6535. Adjust stop to breakeven on +50 pips (at 1.6455) if reached.
Sterling collapsed after yet another failed attempt against 1.6800 on yesterday. Support at 1.6550 formed by the median retracement of 1.6260-1.6840 has been challenged a bit earlier today – in case of a breakdown, next support is formed around 1.6500 by a rising trend-line coming from 1.5700, followed by 1.6480 which is the 61.8% of the said upward swing and a key barrier at 1.6275/00. Current decline is probably corrective and a break above 1.6600/20 is needed to re-conquer the upside, signaling a resume of the uptrend. Current exchange rate is 1.6582 @07:00 GMT
Support: 1.6550, 1.6480/00, 1.6400 and 1.6275/00
Resistance: 1.6600/20, 1.6700 and 1.6800/30
- GBPUSD short-term chart 11-12-2009
Have a great day!
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