Trading strategy: small short at 1.2060, stop at 1.2130 (0.5% risk), objective at 1.1920
The euro pulled back from recent bottom at 1.1875 but remains capped at 1.1980 - not far below the 1.2 handle. Important resistance is seen a bit higher - at 1.2150, while interim barriers are emerging at 1.2050 and 1.2100. Potential break above 1.1980/00 will be a bullish confirmation on intra-day basis, but the resistance region between 1.2100 and 1.2150 will probably limit gains, maintaining the short-term sentiment bearish. However, we're far from levels which would confirm a short-term reversal, therefore selling into rallies might be the best bet for now. Current exchange rate is 1.1972 @06:00 GMT
Support: 1.1875/00, 1.1800, 1.1750 and 1.1650 Resistance: 1.1980/00, 1.2050, 1.2100 and 1.2150 Market sentiment: long term - bearish, medium term - bearish, short term - bearish, intra-day - slightly bullish
Trading strategy: small short at 1.4650, stop at 1.4720 (0.5% risk), objective at 1.4550
Cable drifted higher, overcoming 1.4500 but facing intra-day resistance around 1.4560. However, a re-test of 1.4560 is in the cards and if it breaks - next barrier to watch comes around 1.4650. Short-term sentiment remains bearish while below 1.4650. Current exchange rate is 1.4514 @06:00 GMT
Support:1.4500, 1.4400 and 1.4250 Resistance: 1.4560, 1.4600 and 1.4650 Market sentiment: long term - bearish, medium term - bearish, short term - bearish, intra-day - bullish
Other trading setups
Have a great day!