The market remains very quiet with low trading volumes and limited movements. And so it happened that both euro and British pound rebounded against the U.S. dollar after the recent downtrend failed to be sustained as bearish momentum faded. Hence, sterling bears’ efforts didn’t pay off and we had to record some losses with yesterday’s short-entry. Now that sterling trades again above 1.30, the focus shifts to the current resistance levels at 1.3120 and 1.32 from which limit sell orders become attractive. However, if the pound falls back below 1.30 we will focus on a break of 1.2950.
The euro finally climbed above 1.11 and rose towards 1.1160 during the Asian trading session. Our long entry therefore proved to be successful. With no market moving data we doubt that we will see larger fluctuations today. The euro’s price action could thus be limited to 1.12 on the upper and 1.1095 on the lower side. Above 1.12, however, there might be some upside room until 1.1250. An important support zone is still seen around 1.1050.
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