Good day traders!
I see the USD has started its strong momentum of strengthening. EURUSD and GBPUSD has shown a lot of downside potential, at least for this coming weekend.
For the EURUSD, support level can be found at 1.2848 (Dec 04’08 high), 1.2551 (Dec 04’08 low) and 1.2330 (YTD low). Any hope of going upside depends on the price momentum to break the 1.3026/81 zone. Above there, we should see an attempt to break the 1.3298/1.3312 zone before, what I believe, to be another bearish u-turn. On the whole, it is most likely to go down.
For the GBPUSD, support level can be found at 1.3682 (Jun 01 low), 1.3600 (1986 low) and its psycho level at 1.3500. On the upside, resistance level can be found at 1.4045 (Jan 02 low), 1.4352 (Dec 31’08 low) and 1.4470 (Dec 04’08 low). I can clearly see a strong bearish momentum coming from this pair.
USDJPY? I love this pair. This is where the ASIan bullies the Western. Hehe. A clear momentum of bearish. It seems that the YEN can hold the incoming pressure from the USD and that is good. Strong bearish momentum but a little turbulence has make the pair seems very interesting to trade. Carefull if you are using robot, especially FAPS.
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