Euro took out .12910 resistance and looks likely to close above this level today. Next target is the next resistance at 1.2983. Overnight, buy the dips is my plan. Fundamental news-wise, if Greece can not agree with its creditors, expect broad risk-off and the fall in EUR. If this happens, than I say markets are giving you a chance to buy euros from lower levels.
In my earlier post, I mentioned that to play long GBPUSD, I need to see a daily close above 1.5422 which it duly did. There is a daily swing high at 1.5500 and a daily downtrend at 1.5518ish. So, expect this pair to stall around 1.5518 area.
Advance in Euro and Cable is coming at the expense of Loonie and Ozzie.
Loonie broke to the downside form its symmetrical triangle. The width is 700 pips which gives a minimum target of approximately 0.9500. Support at 1.0074 held today but I am not sure it will hold out for long. If it rallies back above broken trendline, then you get a chance to re-short at better levels. Daily close below 1.0074 is needed to see downside acceleration Expect support/upside bounces at 0.9900, 0.9790 & 0.9755.
Ozzie has yet to break out from its symmetrical triangle now at 1.0460. So far it is struggling at a very significant resistance at 1.0425/40
By the way, today Nasdaq100 closed at 2441 with July 2011 high now left behind and which is almost 11 year high (Feb 2001). Dow Jones Industrials also closed above its downtrend
In my earlier post, I mentioned that to play long GBPUSD, I need to see a daily close above 1.5422 which it duly did. There is a daily swing high at 1.5500 and a daily downtrend at 1.5518ish. So, expect this pair to stall around 1.5518 area.
Advance in Euro and Cable is coming at the expense of Loonie and Ozzie.
Loonie broke to the downside form its symmetrical triangle. The width is 700 pips which gives a minimum target of approximately 0.9500. Support at 1.0074 held today but I am not sure it will hold out for long. If it rallies back above broken trendline, then you get a chance to re-short at better levels. Daily close below 1.0074 is needed to see downside acceleration Expect support/upside bounces at 0.9900, 0.9790 & 0.9755.
Ozzie has yet to break out from its symmetrical triangle now at 1.0460. So far it is struggling at a very significant resistance at 1.0425/40
By the way, today Nasdaq100 closed at 2441 with July 2011 high now left behind and which is almost 11 year high (Feb 2001). Dow Jones Industrials also closed above its downtrend
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