Daily analysis and trading strategies 4-27-10

EURUSD

Trading strategy: looking to sell at 1.3500, stop at 1.3560(1% risk), objective at 1.3380. Secondary idea: buy at 1.3330, stop at 1.3270(0.5% risk), objective at 1.3430

1.3300 provided support yesterday and the euro recovered, returning into the top side where it left off Friday. Short-term sentiment remains bearish and a more notable barrier follows 1.3400 at 1.3500, which might be difficult to overcome if the euro’s recovery continues. The intra-day studies show minor signs of weakness at the time of writing. Buying dips into the 1.3300-1.3330 region seems a good plan, while on the upper side – selling on a potential rally to 1.3500. Current exchange rate is 1.3380 @05:45 GMT

Support: 1.3350, 1.3280/00 and 1.3200
Resistance: 1.3400, 1.3440/50 and 1.3500
Market sentiment: long term – bullish, medium term – bearish, short term – bearish, intra-day – slightly bearish

GBPUSD

Trading strategy: standing aside

Cable maintains a bid tone despite not being able to break above 1.5500 yet and all pullbacks towards 1.5400 have found strong bids. Notable resistance comes above 1.5500 at 1.5570 and into the mid 1.57 region. In case of a pullback, first short-term support backs 1.5400 around 1.5350 and a bit lower, at 1.5300. Holding above the 1.5300 support holds current bullish course unchanged, favoring more buying. Below 1.5300 – things would turn bad for the pound. Current exchange rate is 1.5450 @05:45 GMT

Support:  1.5390/00, 1.5350, 1.5300, 1.5250 and 1.5140/50
Resistance: 1.5500/20, 1.5570 and 1.5620
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bearish

Have a good day!

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Post tags: EURUSD, GBPUSD