Trade the ECB
- EURGBP: The dovish ECB could send the euro cross lower to the support zone once again to 0.8800 levels. Intraday pivotal finds at 0.8840 below this, 0.8800-0.8780 exists. Flipside resistance seems at 0.8900 and 0.8930. Well above 0.8930 could rally further to the weekly resistance 0.8970. The daily RSI and oscillator are remaining bearish.
- EURAUD: Selling pressure remains strong at 1.5880 levels. Since early July the price action remains between 1.5880-1.5650. A daily close below 1.5640 could confirm the distribution pattern of 240 pips. The flip side, while holding July 17 low 1.5650, there is a scope to resume rally to 1.5800 and 1.5850 levels.
- EURCHF: Trading range remains between 1.1660-1.1600 levels. Well above 1.1660 could be rebound further to 1.1700 and a daily close above should move to 1.1740 by the end of this week. The flip side, if truncated the 1.1600 we could see 1.1550-1.1530.
- EURJPY: Intraday pivotal finds at 129.40, fails to hold then scope to retrace further South to 129.00 and 128.50. We see resistance at 130.50 and 130.80 above these 131.30 exists.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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