Bear in play.
Expect a little bit of retracement to pick short @ Resistance 1.3050.
Monday can practise initial shadow for short entry near 1.2940, SL 1.2980, TG 1.2800.
For position trade, short at 1.3050, SL 1.31 (-50 pips), TG 1.2600 (+350 pips).
Beware of Thursday announcement.
Thursday Jan 13th, 2011 20:45 (GMT+8) EUR - minimum bid rate
Thursday Jan 13th, 2011 21:30 (GMT+8) EUR - ECB press conference
GBP/USD
Favourite pair. Consolidating in big swing.
Suspect GBP/USD to trade in range before any meaningful breakout is spotted. Range for the week before breakout: 1.5650 - 1.5400.
Breaking above 1.5700, GBP/USD may find another resistance level near 1.5800, so SL must be set tight.
My preference is to the downside, therefore, picking short near key resistance level at 1.5650 is preferred, with my downside target at 1.5300, and 1.5100 in Feb-11.
My position trade would to short at 1.5660, SL 1.5700 (-40 pips), TG 1.5300 (+360 pips).
USD/JPY
Higher and higher, resistance 84.50, 85.90.
Support 82.83, 82.30.
Find good long opportunity near 82.80 or 82.30 region, SL 30 pips, TG at resistance level.
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