EURUSD
Trading strategy: small long at 1.2450, stop at 1.2380 (0.5% risk), 1st objective at 1.2500, 2nd objective at 1.2600
The euro holds gains around 1.2550 after a quiet day on the back of the US public holiday. Since not much happened and the euro sits around same levels where it was 24 hours ago, I maintain my yesterday’s view. Upside remains favored as the short-term charts are bullish since breaking above 1.2150 and a potential pullback from current levels will probably find solid bids around 1.2400, which is – more or less – the median retracement of last upleg (last week’s full move). Resistance is seen not far from here, around 1.2600 then a bit higher – at 1.2670, top of May 21. While short-term studies are positive, favoring long positions with targets above $1.26 – keep in mind that longer term sentiment is highly bearish and current move from below $1.2 to $1.25-1.26 could be part of a corrective cycle. Current exchange rate is 1.2535 @06:00 GMT
Support: 1.2500/20, 1.2465, 1.2400, 1.2350 and 1.2200
Resistance:1.2600, 1.2660/70 and 1.2700
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – slightly bullish
- EURUSD 4hrs chart 7-6-2010
GBPUSD
Trading strategy: small long at 1.5000, stop at 1.4920 (0.5% risk), 1st objective at 1.5050, 2nd objective at 1.5150
Cable lost some ground after reaching 1.5225 on Friday but the uptrend is still very strong on a short-term basis – as we can see on the daily charts. While the uptrend remains intact and price doesn’t break below recent lows around 1.4880 – buying dips seems a good plan. Such levels where to look for potential buying opportunities are 1.5000 – rising trend line providing support – and 1.4950. Current exchange rate is 1.5143 @06:00 GMT
Support: 1.5100, 1.5000, 1.4950 and 1.4850/80
Resistance: 1.5200/25, 1.5250/70 and 1.5300
Market sentiment: long term – bearish, medium term – bearish, short term – bullish, intra-day – bullish
- GBPUSD 4hrs chart 7-6-2010
Other setups
USDCAD
- USDCAD 4hrs chart 7-6-2010
EURJPY
- EURJPY 4hrs chart 7-6-2010
Have a great day!
