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EUR/USD - finally breaks
through key support at 1.2980 and is now sitting on support at 1.2940 (swing
high from 8/21/06 and breakout point back on 11/22/06). There may be a modest
bounce here, but the trend is now clearly down for EUR/USD - look to sell
rallies on a swing trading basis.
USD/JPY - higher, but still no breakout. The 120.00 level remains the key
break-out point. However, with the 119.45 level now exceeded, it is when, not
if, 120.00 will fall
GBP/USD - looks like a re-test of the 1.9266 low from last week is
likely. If prices close the NY session below 1.9378 bears will be in control for
the near-term.
EUR/JPY - set to move lower
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Dave
Dave Floyd is a professional FX and stock trader based in Bend, OR and the President of Aspen Trading Group. Dave's approach to FX combines technical and fundamental analysis that results in trades that fall into the swing trading time frame of several hours to several days. For a free trial to Dave Floyd's Daily Forex Alerts click here or call 888.484.8220 ext. 1.
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