EURUSD
Trading strategy: small short at 1.3040, initial stop at 1.3080, objective at 1.2940. Adjust stop to breakeven on +30 pips (at 1.3010) if reached.
The Euro rallied on yesterday and reached highs at 1.2840, 500 points away from the daily low. The recovery brings pressure on the upside and next objective at 1.2900 is on focus while trading above the 1.2630 mark. A potential break of 1.2900 opens 1.3050. Daily sentiment remains bearish despite the large upward move on yesterday but the correction is not over yet and only below 1.2630 will confirm the resume of the downtrend. Current exchange rate is 1.2699 @07:40 GMT
Support levels: 1.2630, 1.2525 and 1.2330.
Resistance levels: 1.2730, 1.2840, 1.2900 and 1.3050.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Yesterday 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 : 0 (closed at breakeven)
AUDUSD
Trading strategy: stand aside
The recovery has been limited by the 50% retracement of the .7060-.6005 move at .6530/40 but while the Aussie holds its gains above the .6250 mark, extended gains toward the .6800 handle are possible. Daily momentum is bearish to neutral. Current exchange rate is .6409 @07:40 GMT
Support levels: .6360, .6250 and .6100.
Resistance levels: .6450, .6530/40 and .6690.
Market sentiment: long-term : bearish, mid-term : bearish , short-term : bearish
Yesterday trading strategy: small short at .6440, initial stop at .6480, objective at .6360. Adjust stop to breakeven on +30 pips (at .6410) if reached : 0 (closed at breakeven)
EURCHF
Trading strategy: stand aside
Intraday support is eyed at 1.4550 and it should hold in order to keep the upside under pressure. Resistance emerges at 1.4750 followed by 1.4850 and 1.4980. Support backs 1.4550 at 1.4420 and 1.4300. Both daily and intraday studies are bearish but a break of 1.4550 is needed to resume downtrend. Current exchange rate is 1.4607 @07:40 GMT
Support levels: 1.4550, 1.4420 and 1.4300.
Resistance levels: 1.4750, 1.4850 and 1.4980.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Yesterday 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 : -40 pips
