Euro Dollar – EUR/USD rallied higher into its 1.0955 resistance level after rejecting the 1.0829 support level as we expected in our 20th July 2015 Market Outlook. Traders who went long at the 1.0829 support level may consider taking profits at the 1.0955 resistance level as it’s a counter trend trade. Given that the overall trend is still bearish, traders may consider shorting this market when price rejects the 1.0955 resistance level especially on the lower time frame. However if price breaks through the 1.0955 resistance level, we are then likely going to see price rally higher in the coming days.
Euro Pound – EUR/GBP is making its way back to its 0.7058 resistance level. Since the bears are still in control in this market, traders may consider shorting this market when price rejects the 0.7058 resistance level. There’s no immediate support level below which offer traders massive profit margin to trade the short side.
Japanese Yen – USD/JPY fell lower into its 123.66 support level after price hit the 124.43 resistance level as we expected in our 21st July 2015 Market Outlook. If price rejects the 123.66 support level especially on the lower time frames, traders may then consider buying at the 123.66 support level. On the other hand, if price breaks the 123.66 support level, we are then likely going to see price fell lower and may retest its 120.47 support level in the near term.
Posted on 2015-07-22 06:30:10