EURUSD
Comment: The Euro has retraced 61.8% of last year's losses, neither the best nor the worst performing currency, and the best weekly close this year. Holding comfortably above a massive weekly Ichimoku 'cloud' but bullish momentum is not nearly as strong as it could be, plus the Euro is overbought so mixed signals on the best futures volume so far this year. Many are obviously rushing to re-think positions as on the ECB's Effective Exchange Rate is at a record high.Strategy: Attempt longs at 1.4535/1.4500; stop well below 1.4450. Add to longs on a break above 1.4636 for 1.5000 medium term. Direction of Trade: → Chart Levels:
Support Resistance
1.4515 " 1.4609
1.45 1.4636**
1.4450* 1.473
1.44 1.4825
1.435 1.49
GBPUSD
Comment: Hovering at the top of the Ichimoku 'cloud' and slightly disappointing that Cable did not manage a weekly close above 1.6700. Expect for some hesitation today, and maybe for much of this week, below 1.6800, and eventually a rally through this year's high at 1.7044. Strategy: Buy at 1.6585; stop well below 1.6480. First target 1.6700, then 1.7000 again.Direction of Trade: → Chart Levels:
Support Resistance
1.6573 " 1.6685
1.65 1.6745*
1.6480* 1.68
1.6455 1.684
1.639 1.7044**
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