Weekly Forecast (FX)

EUR/USD

Resisted by the monthly trendline, and had a sharp fall last week.
Last Friday 25/3/2011, EUR/USD formed a bearish signal (bearish engulfing), closed at 1.4087 after a session low of 1.4054.

Yesterday (Monday 28/3/2011), EUR/USD open gap down and trading in small range, made a new low to 1.4020, but covered the gap in Euro session, continue to climb to 1.4085 last Friday closing.

EUR/USD has break below the daily trendline but successfully stayed above the line after a day's fight.

Bull or Bear?

Short Term EUR/USD slightly bullish: capped at resistance 1.4155 (2L), Supported by session low 1.4020. Long trading at BKO 1.4085, SL 1.4020 session low (65 pips), aim for 1.4155 (70 pips), and 1.4180 - 1.4220 (135 pips)? doesn't sound to be a cool risk : reward...

Undecided on which side to stand, my best choice is to
Stay out....

GBP/USD

Never seen anything like this....

Finally GBP/USD has returned to the 150 day range territory!
bearish, and previous support (tripple bottom) @ 1.5975 doesn't make sense to me now...
GBP/USD just created a gap down, session low at 1.5932 and trading at 1.5990.

Next support 1.5820, 750, 1.5650.

Intraday Pick short at 1.6020, SL 1.6050 (-30), 1st Exit @ 1.5930 (90), 2nd Exit 1.5820 (200).
or Short @ 1.6080 (1/3 retracement) with 60 pips SL for ultimate exit 1.5650.