EURUSD

Trading strategy: standing aside

The euro recovered some ground against the dollar but upside remains capped at 1.3550. Current recovery is probably caused by massive profit taking on quarter-end and the euro may resume the downward trajectory. A sustained break above $1.36 is required to signal a change in short-term sentiment. Meanwhile, it remains bearish - while intra-day studies are in a neutral configuration at the time of writing. Minor support starts at 1.3500, backed by 1.3450 and 1.3380/00. Current exchange rate is 1.3502 @05:20 GMT

Support: 1.3500, 1.3450, 1.3380/00, 1.3300 and 1.3265
Resistance: 1.3550/60, 1.3600 and 1.3700
Market sentiment: long term - bullish, medium term - bearish, short term - bearish, intra-day - neutral

EURUSD
EURUSD 4hrs chart 4-1-2010

GBPUSD

Trading strategy: standing aside

The downward trend line coming from 1.6455 has been broken as cable rallied into the 1.52 area, therefore next upside objective is around 1.5380 - March's top. Short-term sentiment is slightly bullish and former resistance at 1.5130/50 should provide support on dips, in order to maintain current structure intact. Current exchange rate is 1.5201 @05:20 GMT

Support:  1.5130/50, 1.5100, 1.5050, 1.4950 and 1.4880/00
Resistance: 1.5250, 1.5300 and 1.5380
Market sentiment: long term - bearish, medium term - bearish, short term - slightly bullish, intra-day - bullish

GBPUSD
GBPUSD 4hrs chart 4-1-2010

Have a good day!