Pound Yen – GBP/JPY decline lower after price pullback into its 164.08 resistance level and rejected it as we expected in our 12th February 2016 Market Outlook. Traders who went short as we recommended may consider continue holding on the short position while traders who missed the shorting opportunity may consider hunt for potential short setup at the 159.70 resistance level.
Euro Dollar – EUR/USD rejected its 1.0962 support level which could potentially push price higher in the coming days. Traders may consider buying into this support level to ride on the potential rally but since the overall market is still quite choppy, traders need to be more conservative with stop loss placement and profit target.
Euro Loonie – EUR/CAD is currently trading at its 1.4898 support level. If price breaks this 1.4898 support level, we are then likely going to see price move lower in the coming days and traders may consider shorting at the breakout of the 1.4898 support level to ride on the bearish momentum. On the other hand, if price pullback into its 1.5154 resistance level, traders may also look for short setup to short this market.
Posted on 2016-02-26 06:30:44