BFI: Currency market commentary



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BFI: Currency market commentary

25.06.2010 10:51 Friday
Keeping longs from  1.2300 shall be reasonable but only with 30 pips stop loss order. Moreover Today our recommendation perceives that the resistance area around 1.2420 may be tested  and that the upward movement should be used by traders reversing their longs  exactly above 1.2400. In  case any stronger drop below 1.2250 the resistance at 1.2200  shouldn’t play a significant role as a support.


According to the  current upward pressure on this currency pair We suggest to open short position around the resistance at 1.1035 with a target 50 or 100 pips lower in longer perspective. However We suggest to consider 35 pips of stop loss order as jump above 1.1070 should reverse our strategy to more bullish with a target at 1.1230 at least.


The support area around 1.4880  appeared as the firm one meaning that  We may expect correction rebound even toward resistance at 1.5020/30 in optimistic scenario. So our daily recommendation perceives some longs from 1.4890 area as this support is highly expected to be tested.


In the latest few hours  We were dealing with falls toward 109.50. Today we suggest to consider some long positions from 110.20 with no more than 40 pips of stop loss order as any deeper slide may add 200 pips easily. On the other hand in case jump above 111.10 the first pause is expected at 112.10.