EURUSD
Trading strategy: small long at 1.3260, initial stop at 1.3220, objective at 1.3360. Adjust stop to breakeven on +30 pips (at 1.3290) if reached.
The Euro has reached the 1.35 zone earlier than expected, on yesterday’s 540 points rally. Key resistance formed by the median retracement of the large 1.4720-1.2455 move comes at 1.3590, followed by another important barrier at 1.3855. Breaking above the said upside objectives will confirm the medium term positive sentiment, intensifying further upside activity towards 1.4360 and 1.4720. On the downside, support will be faced on potential pullbacks at 1.3330 then 1.3200 and 1.3080. Daily momentum is bullish while the hourly is neutral at the time of this writing. Current exchange rate is 1.3455 @07:30 GMT
Support levels: 1.3400, 1.3330, 1.3200/30 and 1.3080.
Resistance levels: 1.3500, 1.3590, 1.3700 and 1.3850/55.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish
Yesterday trading strategy: stand aside
AUDUSD
Trading strategy: stand aside
February’s top at .6850 is now on focus as the Aussie Dollar managed to break above .6635/50 resistance zone on yesterday. Above .6850, mid-term momentum turns bullish and Aussie’s gains may extend towards current year’s top at .7265. Minor support is emerging at .6720 backed by .6635/50 which is expected to form a decent barrier in case of dropping below the .6700 mark. Current exchange rate is .6759 @07:30 GMT
Support levels: .6720, .6635/50 and .6550.
Resistance levels: .6800, .6850/75 and .6950.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bullish
Yesterday trading strategy: small long at .6500, initial stop at .6460, objective at .6570. Adjust stop to breakeven on +30 pips (at .6530) if reached : 0 (entry not reached)
EURCHF
Trading strategy: small short at 1.5530, initial stop at 1.5570, objective at 1.5460. Adjust stop to breakeven on +30 pips (at 1.5500) if reached.
The fast recovery from yesterday’s bottom at 1.5265 suggests that a new test of 1.5450 is likely. Support is now formed at 1.5300/10 backed by 1.5250/65 and 1.5150/90. Upside remains favored for now and a potential break above 1.5450 may encourage further gains to 1.5880. Current exchange rate is 1.5385 @07:30 GMT
Support levels: 1.5300/10, 1.5250/65, 1.5150/90 and 1.5000.
Resistance levels: 1.5440/50, 1.5500/30 and 1.5590.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bullish
Yesterday trading strategy: stand aside
