EUR/USD

Update: We dipped just below the weekly reversal level yesterday and formed a new hourly/daily “spike low” For this reason, I have adjusted the weekly reversal level to 1.2150, after having bought the euro at 1.2180 yesterday (see the G7 alert email sent at 3.07 pm GMT yesterday) The only remaining strategy now is to hold this trade for a target of roughly 1.2380, or lower if we run out of gas. I’ll alert by email!

Summary:
Hold longs from 1.2180, target 1.2380.

GBP/USD
Update: Little change from yesterday, apart from a small foray to 1.5130. The strategy remains unchanged from above. Note the potential “head and shoulders” pattern on the hourly chart. Aggressive traders might try small shorts from 1.5060/80, stops above 1.5110, for a target of 1.4920/50, where we’ll look for opportunities to buy next week.

Summary:
Buy dips to supports listed above after a clear entry signal. Target 1.5000 and then perhaps 1.5500. Aggressive traders might try small shorts as described above.