Trading strategy: small long at 1.2410, stop at 1.2340 (0.5% risk), 1st objective at 1.2460, 2nd objective at 1.2510
Euro's attempt to break past 1.2600 on Friday was short-lived but upside pressure remains high as the euro is conserving momentum above the 1.2500 handle - formerly providing resistance. Short-term sentiment is bullish and will remain intact as long as dips won't extend below 1.2200 - level which is quite safe for now. Interim support levels are seen at 1.2500, backed by 1.2465 and 1.2400. Intra-day studies are in a slightly bullish configuration but pullback below 1.2500/20 would favor further losses, aiming towards the 1.2400 support. Current exchange rate is 1.2540 @06:00 GMT
Support: 1.2500/20, 1.2465, 1.2400, 1.2350 and 1.2200 Resistance:1.2600, 1.2660 and 1.2700 Market sentiment: long term - bearish, medium term - bearish, short term - bullish, intra-day - slightly bullish
- GBPUSD 4hrs chart 7-5-2010
- EURGBP 4hrs chart 7-5-2010
- EURJPY 4hrs chart 7-5-2010
Have a great day!