Daily Technical Analysis is provided by Jason Sen of Day Trade Ideas, who has been day trading since the late 1980’s. Jason has been a contributor of Traders Summit since the beginning. He primarily focuses on providing technical analysis of the financial markets, including stock chart patterns, Forex and Metals setups, and other useful technical analysis.
EURUSD we wrote: collapsed after the sell signal initially targeting 9810/9790 & 9720/00. Holding below here targets 9620/00.
Target hit but we continued lower to 9565.
GBPUSD crashed another 500 pips as soon as the market opened on Sunday to hit a new all time low at 1.0382.
EURUSD first resistance at 9700/20. Shorts need stops above 9740. A break higher can target 9800/20.
The only support is at 9580/60. Longs are so risky in the bear trend with momentum building to the downside. A break below 9540 signals further losses to 9490/80 & 9430/20.
GBPUSD crashed to 1.03.84 then shot higher to first resistance at 1.0940/60 with a high for the day only 10 pips below. The resistance is lower today at 1.0900/20 today. Shorts need stops above 1.0940. A break higher can target 1.1100/20.
Holding first resistance at 1.0900/20 targets 1.0740/20 perhaps as far as 1.0650/30. Obviously the only support we now have is at yesterday’s all time low at 1.0400/1.0385.
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Jason Sen, Director