Euro Yen – EUR/JPY once again fell into its 133.73 support level after price rejected the 135.89 resistance level as we expected in our 6th July 2015 Market Outlook. Traders who went short at the 135.89 resistance level and 138.01 resistance level as we recommended in our6th July 2015 Market Outlook and 30th June 2015 Market Outlook may consider taking profits at the 133.73 support level or at least scaling out the position to lock in the profits. If price breaks the 133.04 key support level, we are then likely going to see price continue to fell lower in the coming weeks.
Euro Loonie – EUR/CAD rallied into its 1.4161–1.4017 resistance area. If price rejects the 1.4161–1.4017 resistance area, traders may then consider selling short at this resistance area but traders need to be more cautious on stops placement and profit target when trading the short side as the short term momentum is bullish at the moment for this market.
Euro Pound – EUR/GBP gained back its losses after price rejected the 0.7014–0.6986 key support area. Given that the strong rejection we have in 0.7014–0.6986 key support area, aggressive traders may consider taking short term counter trend trade at this 0.7014–0.6986 key support area while conservative traders are recommended to wait for price to pullback to its 0.7266 resistance level before shorting for a safer entry.
Posted on 2015-07-08 06:30:44