EURUSD joins in with the cable rally as the dollar turns soft
1.1289 is the next level the euro has to vault if we are to see these gains continue. It's played resistance through April and a bit of both support and resistance through the early part of the year
EURUSD H4 chart
Above there we can target last weeks highs up at 1.1390 but after 1.1300 we're likely to find some resistance at 1.1315/25
Support is starting to show around here at 1.1250/55 but it may be light, as will support at 1.1220/30. 1.1200/10 will hold the stronger stuff
GBPUSD is ripping and roaring once more and made the move today that I was fearful of last night, when I bailed on my short. The break of the 38.2 fib has been a big catalyst and we've found support on the level overnight.
GBPUSD daily chart
There's minor resistance around 1.5660 (which we're chewing through right now) and then 1.5680. If we break 1.5700 then we could see another stop blast up to 1.5735/40
For those wanting to get into a short the weekly chart looks to hold the strongest opportunity with the 50.0 fib, Apr 2011 resistance, the weekly moving averages, Aug 2009 resistance and the 55 mma, all within close proximity of roughly 200 pips.
GBPUSD weekly chart
That's a strong looking area of technical with which to plan shorts or to think about taking some profit on longs
My long term cable longs are coming along nicely, though it looks like I prematurely took some off when we got above 1.52. No change there to my ability to get my timing wrong but that's trading. It's also a reason why I like to scale into trades as you can smooth out the big moves when they happen and keep a core position for longer
