Trading strategy: standing aside
Yesterday’s break above the triangle’s resistance line coming from 1.3360 was not sustained and the euro came under selling pressure, bringing the 1.2150 support region back in focus, negating my expectations that euro’s recovery could have continued towards 1.2430/50. Support into the 1.2150 region still holds and this is the 3rd week it comes under pressure. Keep in mind that EURCHF is also near recent bottom where SNB’s interventions were triggered, and if that is the case, again, potential intervention in EURCHF will push the EUR higher against the USD, too. In case of a pullback to the upside, resistance may limit gains at 1.2250 or higher, at 1.2330/50. Today’s NFP release is expected to print a positive figure of 500k. Current exchange rate is 1.2176 @04:50 GMT
Support: 1.2150, 1.2100/10 and 1.200
Resistance: 1.2250, 1.2340, 1.2430/50 and 1.2470/00
Market sentiment: long term – bearish, medium term – bearish, short term – bearish, intra-day – bearish
- EURUSD 4hrs chart 6-4-2010
GBPUSD
Cable lost some ground and fell below the 1.4700 mark for the second time this week, but found support around 1.4600 – formed by last week’s top side. Short-term sentiment remains slightly bullish as long as the rising trend line connecting recent higher lows is intact. Current exchange rate is 1.4631 @04:50 GMT
Support:1.4600, 1.4550 and 1.4400
Resistance: 1.4730/60, 1.4800 and 1.4900
Market sentiment: long term – bearish, medium term – bearish, short term – slightly bullish, intra-day – neutral
- GBPUSD 4hrs chart 6-4-2010
Have a good day!
