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Breaking: 22/05 - EUR/USD dips sharply to lows bear 1.1020, GBP/USD below 1.5500                     

 

 

Two-way trading:  May 21st 2015 - 12.15 GMT:    Follow us on Twitter for latest updates:     

After a strong 48 hours, the dollar was unable to break key EUR/USD support in the 1.1060 area and retraced to a peak around 1.1180 as frustrated shorts looked to bail out for the time-being at least. There will be further Euro short covering of dips, but the dollar should gain underlying support from an improvement in the US data flow. Data in New York today will be important in determining whether the dollar can break key Euro support. For now, look to fade EUR/USD rallies again on any move to the 1.1170 area.

                             Latest daily trading recommendations:    May 22nd 2015: 12.15 GMT  (time frame 1-24 hours)

Currency pair Latest update Time (GMT) Order type Target entry level Target 1  Target 2 Status

Market comment

EUR/US$ 22-05-15  09.50 Limit order Sell at 1.1197 1.1165 1.1105 In play Further support below 1.1100, trailing stop1.1183
US$/CHF 21-05-15  12.15 Limit order Sell at 0.9397 0.9375 0.9355 Pending Immediate resistance on approach to 0.9400
AUD/US$ 21-05-15  12.15 Limit order Buy at 0.7860 0.7885 0.7910 Pending Resistance now on approach to 0.8000
US$/CAD 22-05-15  12.15 Limit order Sell at 1.2248 1.2215 1.2185 Pending Resistance above 1.2200
GBP/US$ 22-05-15  12.15 Limit order Sell at 1.5673 1.5640 1.5575 In play Strong support into 1.5450 area, trailing stop 1.5654
EUR/GBP 21-05-15  12.15 Limit order Buy at 0.7055 0.7075 0.7100 Pending Support on approach to 0.7050
US$/JPY  21-05-15  12.15 Limit order Buy at 120.58 120.80 121.15 Pending Resistance into 121.50

Short-term: key level to watch:

22.05.15: EUR/USD: 1.1060

EUR/USD unable to hold a brief break above the 1.1200 level before moving lower. the 1.1060 area is still the key area to focus on in the short term, bearish implications if breaks. 

  Full methodology and details of stops are available with the FXToday signals guide                         

 

 

 

 

 

 

Medium-term: key level to watch:

26/01/15:   GBP/USD: 1.4500

GBP/USD has found support below 1.5000 and rallied back to just above this level. The overall outlook remains bearish with the risk of a slide to 1.4500 over the medium term.

Long-term: key level to watch

22/01/15: EUR/USD: 1.0000

EUR/USD has come under very heavy pressure following the ECB meeting and a minimum objective is likely to be in the 1.1000 area with parity inevitably the longer-term focus

Trade of the Month  -  May 11th: - 12.00 GMT

Pending: Sell GBP/USD at 1.5645, target 1.5115 s/l  1.5816

 

Trade of the week  -  May 13th: - 12.15 GMT

Pending: Sell AUD/USD at 0.8047  target 0.7810, s/l 0.8116

 

 

 

 

 

 

 

 

 

 

 

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