Trading strategy: looking to buy dips at 1.3520, stop at 1.3460(1% risk), objective at 1.3620

The euro strengthened to as high as 1.3691 after EU governments offered Greece a rescue package worth as much as 45 billion euros at below-market interest rates in a bid to stem its fiscal crisis and restore confidence in the euro. First support is now formed at 1.3600, backed by 1.3500. In case of an extended pullback, 1.3500 should limit losses in order to maintain current bias intact. While 1.3600 is seen South of current market levels - short-term sentiment is slightly bullish. Key upside barrier comes at 1.3800 which limited gains since February, therefore a break above 1.38 within the coming days will be an important bullish confirmation. Buying dips seems a good plan for now. Current exchange rate is 1.3645 @06:05 GMT

Support: 1.3600, 1.3550, 1.3500 and 1.3400
Resistance: 1.3700, 1.3780/00 and 1.3850/60
Market sentiment: long term - bullish, medium term - bearish, short term - slightly bullish, intra-day - bullish

EURUSD 4hrs chart 4-12-2010


Trading strategy: looking to buy at 1.5370, stop at 1.5310(0.5% risk), objective at 1.5490

Former resistance at 1.5370/80 provides support now, backed by 1.5300 lower. My last plan to buy on break of 1.5300 played out well as cable exited the consolidation range. Short-term sentiment remains bullish as long as it holds above 1.5150 and 1.58 is in focus. Pullbacks within the coming sessions may find support into the former resistance region, around 1.5380. Current exchange rate is 1.5448 @06:05 GMT

Support:  1.5380, 1.5300, 1.5250 and 1.5150
Resistance: 1.5500, 1.5620, 1.5700 and 1.5800/20
Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bullish

GBPUSD 4hrs chart 4-12-2010

Have a good day!