EUR/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.2150
Key G7 support levels: 1.2500, 1.2430, 1.2380
Counter-trend and scalping opportunities: 1.2650/80

Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal.

Today’s trade suggestion:
A strong rally and an “outside” bullish weekly candle suggest that the euro is set to rise again this week. After getting a good piece of both the euro and the pound rally last week, we can afford to be patient this week and wait for reasonable dips before buying the euro. Current support is at the levels listed above and we may have to wait a day or two before we get down to those levels. In fact, it is quite possible that we’ll retrace very little from the current price and continue to push higher towards 1.2650/80 before pausing. (good levels for counter trend
trades)

Summary:
Patiently wait for dips down to support levels before buying the euro after a clear G7 entry signal. Target 1.2650/80, where counter-trend shorts could be considered.

GBP/USD
Weekly Trend direction: Bullish
Weekly trend reversal level: 1.4870
Key G7 support levels: 1.5140/1.5100, 1.5050, 1.5000
Counter-trend opportunities: 1.5250

Strategy: Whilst above the weekly trend reversal level buy dips to support levels after an entry signal

Today’s trade suggestion:
Interesting opportunities this week, above and below the current price. Let’s start with the trend direction, which
is bullish this week. Supports below us are quite clear with confluences of Fibonacci retracements, S/R lines and
Moving averages neatly in place. (see hourly chart) I’ll be looking to buy into dips to these levels are a clear G7
reversal signal for targets at 1.5250 and then, eventually, 1.5520. Now let’s consider the other side of the coin.
1.5250 is the 78.6% retracement of the weekly move (see weekly chart) and will offer stiff resistance to rallies.
Counter-trend selling opportunities here should see a move lower to at least 1.5150. I’ll be keeping a careful eye
on both the buying and selling chances this week.

Summary:
Look to buy into dips to support levels after a clear G7 signal, or sell into rallies to 1.5250 (counter-trend) after
a G7 reversal signal. Targets 100 pips either way.

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