Monday, February 14, 2011

Weekly Forecast (FX)

EUR/USD

Bias Down.
Target for the Week: 1.3430
R2: 1.3620
R1: 1.3570
S1: 1.3430
S2: 1.3250
Intraday trade for Monday: Short 1.3570 SL 1.3620 TG 1.3430 (by EOD).
Need to close this trade by End of Day (EOD) because EUR/USD may also pull up to 1.3620 (observe recent 3 weekly long candle with short body).

GBP/USD

Weekly Chart shows Strong Resistance = 1.6280.
Current trading range is not normal for GBP/USD, this market may trade in range 1.6100 - 1.5850 bias down to test support.
Upon breakout to the downside, expect strong support at 1.5650.
breakout to the upside, expect GBP/USD challenge double top 1.6280.

Do not like to trade in consolidation. Stay out.

USD/JPY

Intraday trending up, with strong resistance at 84.00-84.50 region.
Expect correction to continue, minor support 82.85-82.65.
Support 81.75.

Intraday trade for Monday and consider shorting USD/JPY at 83.60 SL 83.80 TG 82.80.
Charting by Broco Trader (MetaQuotes Software Corp)

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