Weekly Forecast (FX)

EUR/USD

Weekly Chart - Bullish
Day Chart - Bearish Engulfing
4 Hour Chart - Well supported

This week, resistance: 1.4520
Support: 1.4250

Suspect EUR/USD to make a final breakout to the top, immediate target 1.4565.
If EUR/USD form a bullish candle on Monday, with a closing above 1.4550, EUR/USD is going to 1.4775.

Immediate support 1.44.
Closing below 1.4400 on Monday, get ready to short upon BKO 1.4360 aim for 1.4250.

Counter Trend Trade:
My plan is to short EUR/USD at 1.4565, SL 1.4600, TG 1.4250.

GBP/USD

Resistance: 1.6430
Support: 1.6230

Day Chart: Bearish

This 1 year high of 1.6430 on 8-Apr-2011 is now a strong resistance. Breaking beyond this level is not likely to happen in coming week unless change in fundamentals.

Current resistance 1.6400. Prefer to trade short and looking forward to GBP/USD hitting 1.6230-1.6200 support this week. Once GBP/USD violated 1.6190, next shall see GBP/USD touching 1.6080 by early May-2011.

Intraday Trade:
Short GBP/USD at initial shadow 1.6350, SL 1.6390, TG 1.6250.

Position Trade:
Short GBP/USD at 1.6370, SL 1.64, TG 1.6230 - 1.6200.