EUR/USD, GBP/USD Daily Analysis March 21, 2014
The EUR/USD gave us a nice second push yesterday so I will be bias for the short to see the third today. Right now the best level I see is 1.3808 considering its proximity to current price but if they push it down below the four hour 200 during the Asian session then the 1.3789 level has a higher probability or even the Asian highs if they can push it down low enough. Considering how much respect the four hour 200 EMA is getting I will also consider the short from there but will want to see them test yesterdays lows at 1.3747 first. If I can manage to catch the short I will hold for the run to the next daily level at 1.3705 where the average daily range is at or just a bit higher if we get the entry from 1.3808.
The GBP/USD made a nice third push yesterday so I will be bias for the reversal today but in order to get a full push reversal it will need help from the EUR/GBP or the USD weakening. I will be open for the short as well if they push it up at least 50 pips from the lows first but would be better if they run it to the daily level at 1.6545 or higher. As of right now the best level for a long is 1.6495 if they keep pushing it up during Asia but would be safer with a stop run to the lows 1.6478. The safest place for any potential short is at yesterdays highs but if they run it straight to 1.6545 without an entry long I will consider the short there with a nice clean set up.
Forex News Today
The calendar is light today with nothing that significant during the London session. For those Loonie traders there is Retail Sales and CPI data so keep an eye out for those. Other than that the US has a bunch of Fed speeches later in the day and they could have some impact if they drop any clues as to any intentions of keeping up or slowing the taper. Other than that it could be a slow day.
Have a great weekend
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