Good morning. The euro is getting a lift on news that finance ministers from Euro zone approved a bailout plan for Cyprus. Bernanke’s speech is today’s most important event
EURUSD
Resistance formed around 1.3050 is intact after today’s test, hence selling into current area is probably a good idea. Although buying on the potential breach of 1.3050 is kind of tempting, it’s still too risky to buy EUR at this moment.
Market sentiment: intraday – bearish, short-term – bearish
Potential trade strategy: to sell in the 1.300-1.3050 area, stop above 1.3080, target at 1.2900
GBPUSD
Minor resistance around 1.5170 was breached and provides support now, so it might be worth a shot to play on bulls’ side, aiming toward 1.56
Market sentiment: intraday – bullish, short-term – mixed
Potential trade strategy: to buy dips around 1.5200, stop below 1.5130, target at 1.55+
AUDNZD
As I wrote in my previous post, I believe it is time for a correction and the breach of 1.2550 confirms my expectations. So I’m keeping an eye on 1.2400 which is probably the next target
Market sentiment: intraday – bearish, short-term – bullish
Potential trade strategy: to hold short with stop above 1.2580, target at 1.2400
