EURUSD: The bias is for look fade there again today with stops above there at 1.2660 targeting 1.2500.
EURUSD continues to look heavy as it crept into that pivot zone between 1.2628/45. This still looks the important zone is located between the previous January low around 1.2628 and the initial May low and level from which the market slightly rallied at 1.2645. This is will be the real ‘T’ junction today if price fails here then I (analyst) think it could me and another visit to the lows in the high 1.24′s otherwise a break through and moves back to 1.2796 a possibility. The weekly closes were pretty EUR negative; the ’3 black crow’ candle formation on the weekly charts lies that momentum is still, for now, with the bears. The bears would need to place stop losses at 1.2660 on a downside target of 1.2397/2401, where as the bulls need to wait for a breaking into that 1.2660 level before going long to 1.2796.
GBPUSD: Just some signs of a reversal here, use the breaking of moving averages to add to light long positions to 1.5820 potentially 1.5929 stops sub 1.5606 at 1.5590.
It’s most certainly slowed the downtrend but has it started an uptrend? Still very early here to tell but there are some signs developing in the daily chart; 1.5666 was always going to be an important level and that held on the weekly close basis and now I (analyst) turn my attention to the 5 day moving average that hasn’t been closed above since this downtrend began. It trades around 1.5676 now and a close above it would mark a new phase. The next hurdle would be the 10 day moving average around 1.5748 and the previous support line at 1.5820. So there are plenty of hurdles but risk return makes sense going small long here at these levels adding as the upside levels/moving averages are taken out. Stops need to be sub the 1.5606 level.
EURGBP: Move stops to 0.8060 (above 0.8050) and target 0.7951 onto 0.7695 for the longer term.
Keeping stepping down the levels at which to fade makes technical sense here as the highs continue to get lower and the head and shoulders pattern is still in play that was formed over the 18th – 24th of May. 0.8026 is a good level to get short today and that is an important retracement from the sell off between the 4th – 6th of May, keep stops at 0.8060 for the shorter term trade and keep the target down at 0.7951
Disclaimer: Although the administrators and moderators of DigitalCashPalace.com will attempt to keep all objectionable messages off this site, it is impossible for us to review all messages. All messages express the views of the author. DigitalCashPalace does neither support, endorse nor vouch any programs and/or opportunities discussed here. We simply provide a place for discussion.
The owners of DigitalCashPalace.com reserve the right to remove, edit, move or close any content item for any reason.
Forex Forum • Forex Brokers • Binary Options Brokers• ECN Forex Brokers • Forex Bonus