EURUSD

Trading strategy: looking to sell at 1.3425, stop at 1.3475 (1% risk), objective at 1.3325

The euro lost 1% against the dollar this week and maintains a heavy tone, trading below 1.34 at the time of writing. Both short-term and intra-day studies are bearish and more weakness is likely - recent bottom at 1.3265 being the next objective to watch if the minor support at 1.3350 breaks. Selling into minor rallies seems the best bet for now, as a change in short-term momentum requires a breach above 1.36 and that seems quite difficult. Current exchange rate is 1.3371 @06:15 GMT

Support: 1.3350, 1.3300 and 1.3265
Resistance: 1.3430/50, 1.3500, 1.3550/60 and 1.3600
Market sentiment: long term - bullish, medium term - bearish, short term - bearish, intra-day - bearish

EURUSD
EURUSD 4hrs chart 4-7-2010

GBPUSD

Trading strategy: standing aside

Cable recovered after submerging below 1.5200 yesterday and is currently consolidating around 1.5250. Important resistance comes at 1.5370 and a test may occur within the coming sessions, if cable holds above 1.5200. Next upside barrier above 1.5370 comes around 1.5500. Current exchange rate is 1.5234 @06:15 GMT

Support:  1.5200, 1.5150, 1.5050/60, and 1.4950
Resistance: 1.5300/20, 1.5380 and 1.5500
Market sentiment: long term - bearish, medium term - bearish, short term - slightly bullish, intra-day - bullish

GBPUSD
GBPUSD 4hrs chart 4-7-2010

Have a good day!