EURUSD
Trading strategy: stand aside
Weakening into the lower half of the 1.32 area, the euro maintains the heavy condition after yesterday’s failed attempt on advancing back into the 1.33 area. However, while support at 1.3240 – 50% of the last upward move from 1.3090 to 1.3390 – holds, a recovery should begin, aiming toward the 1.3390/00 top side. Interim resistance is formed by the 1.3300 mark. On the lower side, support backs 1.3240 at 1.3200/05 then the key barrier at 1.3100. Intra-day sentiment is mixed while the short-term is slightly bearish. Current exchange rate is 1.3242 @06:05 GMT
Support levels: 1.3240, 1.3200/05 and 1.3100.
Resistance levels: 1.3300, 1.3395/00, 1.3490/00 and 1.3580
Market sentiment: long-term : bearish, mid-term : slightly bearish, short-term : neutral
Yesterday trading strategy: small long at 1.3240, initial stop at 1.3190, objective at 1.3340. Adjust stop to breakeven on +30 pips (at 1.3270) if reached : 0 (closed at breakeven)
AUDUSD
Trading strategy: stand aside
The decline below the .7230 intra-day support on yesterday extended near the 61.8% retracement of the .7030-.7325 move at .7145. Next support is formed at .7095/00 then .7045/50. Daily momentum remains bullish as the current pullback is likely to be corrective. On the upside, resistance emerges at .7230 then the recent top at .7325/30. A move above .7230 will confirm that the decline into the .7150 zone was corrective. Current exchange rate is .7170 @06:05 GMT
Support levels: .7145/50, .7095/00 and .7045/50
Resistance levels: .7230, .7325, .7400 and .7470.
Market sentiment: long-term : bearish, mid-term : slightly bullish, short-term : bullish
Yesterday trading strategy: stand aside
EURCHF
Trading strategy: short at 1.5175, initial stop at 1.5215, objective at 1.5125. Adjust stop to breakeven on +30 pips (at 1.5145) if reached.
Currently testing intra-day resistance at 1.5115, the euro seem to recover but downside risk remains high. Daily studies are bearish and a break above 1.5290 is needed to confirm that uptrend resumed. While below 1.5290, the pair should face strong selling interest. Current exchange rate is 1.5107 @06:05 GMT
Support levels: 1.5075, 1.5010/15 and 1.4930.
Resistance levels: 1.5115, 1.5190, 1.5290/00, 1.5350 and 1.5445/50.
Market sentiment: long-term : bearish, mid-term : bearish, short-term : bearish
Yesterday trading strategy: small short at 1.5190, initial stop at 1.5230, objective at 1.5120. Adjust stop to breakeven on +30 pips (at 1.5160) if reached : 0 (entry not reached / missed by 5 pips)
