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Forex Trades 01/06 - European session
[b][img]http://www.mataf.net/images/_V3img/fleches/down_arrow_16.png[/img] [url="http://www.mataf.net/en/forex/eurusd"]EUR/USD - Euro / US Dollar[/url][/b]
[b]Entry[/b]: 1.314
[b]Stop[/b]: 1.3175
[b]Resistances[/b]: 1.325 - 1.319 - 1.316
[b]Supports[/b]: 1.2915 - 1.3085 - 1.3125

[b][img]http://www.mataf.net/images/_V3img/fleches/up_arrow_16.png[/img] [url="http://www.mataf.net/en/forex/gbpusd"]GBP/USD - British Pound / US Dollar[/url][/b]
[b]Entry[/b]: 1.5515
[b]Stop[/b]: 1.5485
[b]Resistances[/b]: 1.5625 - 1.555 - 1.553
[b]Supports[/b]: 1.5375 - 1.545 - 1.5495

[b][img]http://www.mataf.net/images/_V3img/fleches/down_arrow_16.png[/img] ...

INTRA-DAY EUR/USD OUTLOOK

Last Update At 06 Jan 2011 04:03 GMT

Rate : 1.3141

As euro has fallen after meeting renewed selling
at 1.3170, suggesting the recovery fm y'day's low of 1.3125 has possibly ended earlier at 1.3192 (NY) n below said sup wud extend decline fm this week's high of 1.3435 to 1.3100 but 1.3055 sup wud hold.

Sell on pullback with stop as indicated n only
abv 1.3192 wud risk stronger gain to 1.3211.

Range Forecast
1.3125 / 1.3160

Resistance/Support
R: 1.3192/1.3236/1.3264
S: 1.3125/1.3083/1.3055

http://www.acetraderfx.com

Cable is still above 1.5350 which is a great support level and also daily 200sma showed the same level and has empowered this support area.

In the figure above you can see that we have got daily trendline #1 on the way to the upside and I think Cable needs more strength to break above this trendline.
Meanwhile 200sma on H4 has held the price too, so I want to name 1.5630-1.5685 as possible resistant area. If price breached 1.5685 and closed above this level then I will look for 1.5830 and the ultimate level it could go is 1.6000.

For the selling action I like to go short below 1.5350 or around 1.5830. I really expect breaking of 1.5350 would make great pips to the downside.

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USDJPY still remained weak and pretty bounced off the trendline I mentioned in twitter. For now I expect more falls from here until it’s below this trendline.

Very nice bearish engulfing candle indicated bias is more bearish now and as it bounced off the trendline I think it’s good to short now with a very tight stop at 82.40 above the trendline.
Let’s zoom into the hourly chart:

It looks like price already bounced off the hourly 200sma too and it’s at the 20sma now. It’s seems that a good short setup might taken place here at 82.01 as we have got a good risk reward ratio.

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