Greed is a fat demon with a small mouth and whatever you feed it is never enough. ~ Janwillem van de Wetering
Good morning. Euro holds onto gains above $1.32 after it recovered on Friday from $1.3150 lows. All eyes are on Spain today, as the Spanish government holds a media briefing to explain austerity steps. The ECB rate decision and Friday’s Employment report are this week’s most important events. Here are some of the charts worth watching in the coming trading sessions
Trendline support was breached, so it will probably provide a selling area in case of an upside pullback.
The recovery above 1400 suggests that more upside action is likely, hence a good idea to keep an eye on 1420 which is the next horizontal barrier
Most important corrections provided good buying opportunities lately and I think that the theme will remain unchanged.
Cable is trading nicely to the upside and it managed to breach above another resistance layer last week. I remain bullish on cable, expecting a test of 1.6500 in the coming days
Silver looks quite interesting now that it managed to return into 31.00/20 – 33 range. Recovery is likely to continue
It seems that the bounce started after forming the reversal candle is over and it’s time to revisit support around 87.50
Breaking above pivotal resistance, so it’s starting to look bullish on the daily chart. Next barrier is around 1.0630
Kiwi dollar is definitely more attractive than the euro and it’s hard to climb above this resistance zone between 1.6150 and 1.6300. Friday’s exit to the downside suggests that more selling is just around the corner
Have a great day!