EURUSD
Trading strategy: stand aside
Key resistance at 1.4620 formed by the 61.8% of the decline from 1.6035 is under pressure at the time of writing this as the dollar continued to weaken across the board throughout the Asian session. In case this resistance region will provide a reversal point, a correction may extend towards 1.4500 and maybe lower – at 1.4440/50 where solid support levels are seen. Both short-term and intra-day charts are bullish and a potential break above 1.4620 will be a very positive sign for the bulls. Above 1.4620, next upside barrier is eyed at 1.4720 which was the high of December 2008. Current exchange rate is 1.4620 @06:00 GMT
Support: 1.4550, 1.4500/10, 1.4440/50 and 1.4400
Resistance: 1.4620, 1.4700/20 and 1.4800
- EURUSD daily chart 9-11-2009
GBPUSD
Trading strategy: stand aside
1.6685 has been taken out therefore 1.7 could become the next bullish objective if a retracement won’t be initiated within the coming days. Both short term and intra-day studies are bullish and won’t be affected as long as the Pound holds gains above 1.6470-1.6500. My short order has been triggered during the Asian trading session, at 1.6690, as I was expecting 1.6685 to form a swing reversal point and mark the beginning of a corrective cycle aiming towards 1.6500 or below. I am still into the trade, with stop at 1.6740 which is about to be reached. In case of a correction, former support at 1.6685 will probably be too fragile to hold and extended losses may aim the 1.6500 mark. Current exchange rate is 1.6730 @06:00 GMT
Support: 1.6685, 1.6575/00 and 1.6470/00
Resistance: 1.6740/50, 1.6800 and 1.6900
- GBPUSD daily chart 9-11-2009
I will most likely get back later today with an update on market conditions. Have a great day!
i`m short GBP too but with a wider stop at 1.6760. i think it is a good trade, sorry about your stop though
Pingback: Intra-day update on EURUSD 09-11-09 | innerfx.com