EURUSD
Trading strategy: short at 1.3380, initial stop at 1.3430, objective at 1.3280. Adjust stop to breakeven on +30 pips (at 1.3350) if reached.
The euro recovered most its Monday losses against the dollar and the upside is under pressure ahead of the Fed Interest Rate Decision later today. Two short-term barriers are seen a bit higher: at 1.3235 – median retracement of the 1.3580-1.2885 downward move and 1.3300/15 – last week’s top and also the 61.8% retracement of the downard move mentioned earlier. On a sustained break above the said levels, the bullish structure should become stable, confirming that uptrend started from 1.2885 resumed. Daily momentum is slightly bullish but lacks a confirmation; intra-day sentiment being also bullish at the time of this writing. On potential pullbacks, the euro will face intra-day support at 1.3090/00 then 1.3050 and 1.2965. Current exchange rate is 1.3193 @06:18 GMT
Support levels: 1.3150, 1.3090/00, 1.3050 and 1.2965
Resistance levels: 1.3215/35, 1.3300/15 and 1.3390/00
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : slightly bullish
Yesterday trading strategy: stand aside
AUDUSD
Trading strategy: stand aside
As the aussie breached above .7100, next bullish objective is seen at .7230, such move being favored on a short-term basis. Above .7230, important resistance is formed by the recent top at .7325. Intra-day sentiment is bullish but the daily remains slightly negative, a break above .7200 being required in order to confirm that uptrend resumed. Current exchange rate is .7144 @06:18 GMT
Support levels: .7100, .7065 and .7000
Resistance levels: .7200, .7230 and .7325
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : slightly bearish
Yesterday trading strategy: stand aside
EURCHF
Trading strategy: stand aside
Holding into a narrow range below interim resistance of 1.5080 and above key medium term support of 1.5000/10, the euro lacks direction for now and the sentiment remains mixed. A break above 1.5150 or even 1.5300 is needed to resume the positive view on the market condition. Intra-day charts are bullish at the time of this writing and the uptrend is likely to continue. Current exchange rate is 1.5065 @06:18 GMT
Support levels: 1.5000/10, 1.4910/30 and 1.4800.
Resistance levels: 1.5080, 1.5135, 1.5170, 1.5200 and 1.5235.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Yesterday trading strategy: stand aside
