Daily analysis and trading strategies 4-13-10

Trading strategy: looking to buy dips at 1.3500, stop at 1.3430(1% risk), objective at 1.3640

The euro lost some ground after reaching a fresh 3-week high at 1.3690 on yesterday's open but maintains a bid tone above Friday's close at 1.3495. Therefore, short-term support remains in focus at 1.3500 and current bullish structure may continue to develop while holding above the said support mark - key resistance being seen at 1.3800 and 1.3850/60. Current exchange rate is 1.3575 @04:00 GMT

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

EURUSD 4hrs 4-13-2010

GBPUSD

Trading strategy: standing aside

Cable's bullish sentiment remains intact on a short-term basis since breaking above 1.5300 and extended dips may find support into the former resistance region around 1.5300, which is backed by 1.5250 lower. Below 1.5200 - short-term's bearish momentum re-emerge, with more notable support formed around 1.5050. Trendline support around 1.5275/00 may be tested within the coming session as cable is quite heavy since yesterday, losing ground against the dollar. Current exchange rate is 1.5342 @04:00 GMT

Support:  1.5300, 1.5250 and 1.5150Resistance: 1.5400, 1.5500, 1.5620, 1.5700 and 1.5800/20Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bearish

GBPUSD 4hrs 4-13-2010

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