Trading strategy: looking to sell at 1.3550, stop at 1.3610(0.5% risk), objective at 1.3430
The euro lost ground against the dollar and opened lower today, following the extended weakness in EURJPY as the Yen is strengthening across the board - investors buying the Yen as a result of Goldman Sachs investigation over fraud claims. Support into the 1.3440/50 region formed by the 61.8% of last up leg is under pressure at the time of writing and further weakness may emerge, opening 1.3300. On the upside - the euro should face resistance within the 1.3500-1.3550 range, more notable upside barrier being seen higher - at 1.3670/80. Short-term sentiment is bearish as the euro could not hold recent gains above 1.3500 and it is likely to face more selling while below 1.3600. Current exchange rate is 1.3463 @05:50 GMT
Support: 1.3440/50, 1.3400 and 1.3300Resistance: 1.3500, 1.3550, 1.3600 and 1.3680/00Market sentiment: long term - bullish, medium term - bearish, short term - slightly bearish, intra-day - bearish
Trading strategy: looking to sell at 1.5380, stop at 1.5450(1% risk), objective at 1.5250.
Cable opened 120 points lower this week, breaking below the rising trend line around 1.5380. 1.5300 which provided resistance during the first week of April is again seen above current market levels, while support at 1.5140/50 may come in focus later if current decline continues. Short-term studies remain bullish despite the large sell-off but a break below 1.5150 would weaken the bullish structure, resuming downtrend. Current exchange rate is 1.5245 @05:50 GMT
Support: 1.5200, 1.5150 and 1.5100Resistance: 1.5300, 1.5350, 1.5390/00 and 1.5500Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bearish
Have a good day!