EURUSD
Trading strategy: small short at 1.2730, initial stop at 1.2770, objective at 1.2650. Adjust stop to breakeven on +30 pips (at 1.2700) if reached.
The Euro recovered after reaching fresh lows at 1.2330 and first intraday resistance is seen at 1.2630 followed by 1.2730 and 1.29, higher. Downside pressure remains high and a daily close above the 1.29 mark is needed to confirm a potential corrective move. While below the said barrier, rallies are expected to face solid offers and limit the upside. Fragile support is seen at 1.2500 backed by 1.2400 and 1.2330. Important long term support is formed by the 50% retracement of the .8345-1.6035 move which is seen at 1.2200. A breach of this level will be extremely bearish for the Euro and accelerate the decline towards 1.1650 on first phase. Current exchange rate is 1.2515 @07:35 GMT
Support levels: 1.2495/00, 1.2400 and 1.2330.
Resistance levels: 1.2630, 1.2730 and 1.2900.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Yesterday trading strategy: stand aside
AUDUSD
Trading strategy: small short at .6440, initial stop at .6480, objective at .6360. Adjust stop to breakeven on +30 pips (at .6410) if reached.
Resistance at .6250 is on focus and a potential break should extend the pullback towards .6445. Daily studies are bearish while the hourlies are bullish at the time of this report. Downside is favored and the Aussie has to recover quite a lot in order to regain strength and get away from the psychological barrier seen at .6000. Current exchange rate is .6189 @07:35 GMT
Support levels: .6100, .6050/60 and .6000.
Resistance levels: .6250, .6340 and .6445.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish
Yesterday trading strategy: stand aside
EURCHF
Trading strategy: small short at 1.4720, initial stop at 1.4760, objective at 1.4650. Adjust stop to breakeven on +30 pips (at 1.4690) if reached.
Another day – another lower low: the Euro continues to lose ground versus the Swiss Franc. Current recovery has brought yesterday’s mid range on focus but the downtrend remains intact on a daily basis. If the recovery continues, strong resistance levels at 1.4725 and 1.4845 are expected to limit the upside. Support is seen at 1.4500 backed by 1.4415 and 1.4300. Intraday studies are slightly bullish. Current exchange rate is 1.4520 @07:35 GMT
Support levels: 1.4500, 1.4415 and 1.4300.
Resistance levels: 1.4650, 1.4720/25 and 1.4790.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Yesterday trading strategy: small short at 1.4790, initial stop at 1.4830, objective at 1.4720. Adjust stop to breakeven on +30 pips (at 1.4760) if reached : 0 (entry not reached)
