EURUSD
Trading strategy: small long at 1.5495, stop at 1.5460, objective at 1.5555. Adjust stop to breakeven on +30 pips (at 1.5525) if reached.
The sell-off brought the Euro into support zone below 1.5650 on yesterday. The decline is not over as the pair is currently testing support into the 1.5580 region. Although the daily charts look pretty bearish as the momentum favors downside action, the Euro currently faces support formed by fib retracement levels at 1.5555 and lower at 1.5490. Downside risk is high and we expect a test of the lower support zone of 1.5550. Current exchange rate is 1.5586 @06:20 GMT
Support levels: 1.5550, 1.5490 and 1.5430.
Resistance levels: 1.5610, 1.5665, 1.5700, 1.5760 and 1.5820.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish
Yesterday trading strategy: stand aside
AUDUSD
Trading strategy: small long at 0.9555, stop at 0.9525, objective at 0.9605.
Upside biased ranging action into the 0.9560-0.9650 region continues with strong support is formed by the previous multi-year record high at 0.9540 and intra-day support formed at 0.9560 and 0.9580. The narrow range during the last days suggest that a large breakout move will occur and the question is “when and which side?”. Current exchange rate is 0.9598 @06:20 GMT
Support levels: 0.9580, 0.9560, 0.9540, 0.9475 and 0.9425.
Resistance levels: 0.9630, 0.9650 and 0.9700.
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bullish
Yesterday trading strategy: stand aside.
EURCHF
Trading strategy: small long at 1.6220, initial stop at 1.6185, objective at 1.6290. Adjust stop to breakeven on +30 pips (at 1.6250) if reached.
Short term sentiment is bullish due to yesterday’s break of 1.6230. Objectives at 1.6300 and 1.6330 seem possible during the upcoming trading sessions. Current exchange rate is 1.6258 @06:20 GMT
Support levels: 1.6220-30, 1.6200, 1.6180, 1.6130, 1.6100 and 1.6065.
Resistance levels: 1.6280, 1.6300 and 1.6330.
Yesterday trading strategy: Small short at 1.6170 on break of 1.6180, initial stop at 1.6200, objective at 1.6120. Adjust stop to breakeven on +25 pips (at 1.6145) if reached : -30 pips
