EUR/USD is trading in 1.400 area; yesterday high1.3982; low 1.3782; it moved for 200 pips and never went to 1.4000; next target is going to be 1.4050, and next may happen a bullish movement up; or a failing to move on the upside after 1.4000 may bring the rate down for another correction to 1.3850 area; to be clear it failed once @ 1.4040 to follow on the upside and now after a week is there again...another fail would create a double high and a potential reverse pattern;
the only opportunity I see is in short position, but it may be painful;
here are some resistance and support:
R3 1.4321; R2 1.4121; R1 1.4061; S1 1.3861; S2 1.3721; S3 1.3521;
my trading plan:
I will sell 1x unit right now @ 1.4007;
stop loss 1.4070;
take profit @ 1.3861
GBP/USD is trading @ 1.6042; yesterday high 1.6016; low 1.5853; this pair looks stronger than EUR/USD, but right now the RSI is @ 70 after it was higher cinse yesterday and it is trading next to the upper bollinger band; so a "calm down" to 1.6000 area will be needed; also in this case if the rate goes up it will meet a huge resistance in 1.6080 if it want to retrace it will be 1.5850 area; so I think would be better to play that way;
here some support and resistance:
R3 1.6296; R2 1.6133; R1 1.6086; S1 1.5923; S2 1.5807; S3 1.5644
this is my trading plan:
I will sell 1x unit now @ 1.6048;
stop loss 1.6090;
take profit in area 1.5850.
both the pair may break the 1st resistance and go up; but to me, clearly, looks to risky the upside, since it may take a 40 pips, I would say that the probability they rally for 200 pips today is low; in case of a correction and a long position the stop loss should be placed in 1.5800 area...I do not see a long strategy so convenient as a short one; anyway if You have guts may be your day.
have a good trading day
:D
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