Daily analysis and trading strategies 4-9-10

Trading strategy: looking to sell at 1.3470, stop at 1.3530 (1% risk), objective at 1.3370

Up 100 points after reaching a daily low at 1.3282, the euro may continue its recovery as there's much room to the upside while the short-term sentiment remains bearish - up to 1.3550-1.36. Meanwhile, selling pressure may emerge into the mid 1.34 region then higher - at 1.3500. On an intra-day perspective, upside is favored for now and a break above the first resistance at 1.3400 would encourage further gains. Current exchange rate is 1.3388 @07:00 GMT

Support: 1.3350, 1.3300, 1.3265/80 and 1.3200Resistance: 1.3400, 1.3430/50, 1.3500 and 1.3550/60Market sentiment: long term - bullish, medium term - bearish, short term - bearish, intra-day - bullish

EURUSD 4hrs chart 4-9-2010

GBPUSD

Trading strategy: looking to buy at 1.5310, stop at 1.5260(0.5% risk), objective at 1.5400

1.5300 is still providing a strong resistance, limiting gains for the last 7 days, but a breakout seems favored as recent pullbacks found bids and cable recovered fast. On the lower side, 1.5150 provides support. Buying on break of 1.5300 might be a good plan. Current exchange rate is 1.5301 @07:00 GMT

Support:  1.5200, 1.5150, 1.5050/60, and 1.4950Resistance: 1.5300/20, 1.5370/80 and 1.5500Market sentiment: long term - bearish, medium term - bearish, short term - slightly bullish, intra-day - slightly bullish

GBPUSD 4hrs chart 4-9-2010

Have a good day!