Quote of the day: “There is no security on this earth, there is only opportunity.” ~ General Douglas MacArthur
Good morning. Monday’s opening price which is providing resistance is currently being tested as the euro recovered some ground, but the daily charts remain bearish as long as there are several resistance layers above current trading zone. The 4-hrs charts are slightly bullish right now and we should keep an eye on this resistance range between 1.3350 and 1.3400:
Current recovery looks like a normal correction, thus looking for new selling opportunities on signs of weakness is probably the best bet for now.
EURGBP
As seen below, the cross is approaching resistance around the 50% retracement value of last up leg. Daily charts are still bearish but in case of a break above this resistance at .8650, buyers may have a good reason to push it higher
EURJPY
The correction continues after the cross reached a 10-year low but it’s a fragile ground, so in case it retests support around 101.70, selling on the breakdown seems a good option. To the upside, resistance resides around 102.75 and 103.30 (61.8% of recent decline) (more…)















