Trading strategy: small short at 1.3850, initial stop at 1.3890, objective at 1.3750. Adjust stop to breakeven on +30 pips (at 1.3820) if reached.
Upside is under renewed pressure as the Euro opened higher today, after pulling back to 1.3515 on Friday. First support level is seen at 1.3600 backed by Friday’s low at 1.3515. Extended pullbacks will also face important support lower, at 1.3330 and 1.3090. Short-term momentum is bullish since breaking above the 1.29 region and more upside action is likely within the upcoming days. Medium term momentum is slightly bearish despite the three consecutive bullish bars of the weekly charts, and a break above 1.3850/55 – 61.8% retracement of the 1.4720-1.2455 move – is needed to fully confirm the uptrend. First intra-day resistance comes at 1.3740/50 and a potential break should open 1.3850 which will probably limit the upside for a while. Current exchange rate is 1.3683 @07:05 GMT
Support levels: 1.3600, 1.3515, 1.3400/15, 1.3330 and 1.3200/30.
Resistance levels: 1.3740/50, 1.3800 and 1.3855.
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : bullish
Friday trading strategy: small long at 1.3700, initial stop at 1.3660, objective at 1.3800. Adjust stop to breakeven on +30 pips (at 1.3730) if reached : -40 pips
AUDUSD
Trading strategy: stand aside
Trading by a few points away from the .7000 handle at the time of this writing, the Aussie seem ready to challenge December and January’s highs at .7135 and .7265. Above the said levels, next important objective will be .7930 and of course, the .8000 mark. On a short-term basis, both hourly and daily studies are positive and first important support is formed at .6850. While holding comfortably above the said support, the upside should stay under pressure. Current exchange rate is .6982 @07:05 GMT
Support levels: .6850, .6755 and .6635.
Resistance levels: .7000, .7135 and .7265.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
Friday trading strategy: stand aside
EURCHF
Trading strategy: stand aside
Friday’s retracement to 1.5225 has been short-lived and the Euro recovered against the Swiss Franc, now trading around the 1.5350 level. Important resistance is seen into the 1.5420/50 zone and a break may open 1.5880-1.6. Support starts at 1.5300 backed by 1.5225 and 1.5100. Current exchange rate is 1.5344 @07:05 GMT
Support levels: 1.5300/10, 1.5225, 1.5150/90 and 1.5000.
Resistance levels: 1.5420/50, 1.5500/30 and 1.5590.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish
Friday trading strategy: stand aside
