Trading strategy: small short at 1.2235, stop at 1.2305 (0.5% risk), 1st objective at 1.2155, 2nd objective at 1.2035
Intra-day support has been found around 1.2250, protecting the more notable downside barrier at 1.2150 which served as stable support for 3 weeks before breaking lower to 1.1875. Short-term sentiment will remain slightly positive as long as the euro holds above the said 1.2150, which also stands in between the 61.8% and 50% retracement values of the 1.1875-1.2465 up leg. Today's economic calendar is quite busy as there are some key events such as the US New Home Sales at 15:00 GMT and the Interest Rate Decision at 19:15 GMT. Keep an eye on the lower levels as this minor recovery from 1.2250 could be short-lived. Current exchange rate is 1.2281 @07:30 GMT
Support: 1.2250/70, 1.2150 and 1.2000 Resistance: 1.2365/00, 1.2450/65, 1.2500 and 1.2670 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - bearish
- GBPUSD 4hrs chart 6-23-2010
- EURGBP daily chart 6-23-2010
- AUDUSD 4hrs chart 6-23-2010
Have a great day!