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Gain Capital | 11:20:00 |

Monday, November 8, 2010. - New York Update News of further difficulties in the European periphery has put additional pressure on the Euro this morning. There was a story in the Irish Times online edition reporting that the Green Party has ruled out pension cuts as part of the Euro 6B austerity measures. Spreads between Irish debt and the German benchmark continue to widen driving the Euro selling. Every so often the fundamentals and technicals align in such a matter that we can say this story, and any additional bad press surrounding the Euro, should have far-reaching implications in the price of the Euro.
The EURUSD daily chart shows a completed A-B-C rally from the June lows and is showing signs of failure at the 1.4040-1.4180 Fib resistance zone.

Selling GBP/USD Ahead of BOE Inflation Report
Posted Monday November 8, 2010 1530ET

   1.6100 Prior high
   1.6000 Psychological big figure
   1.5927 21-day moving average
   1.6220 Broken up-channel support, now resistance (rising)
   1.6310 Long-term daily trend line; recent high
   1.6460 January 19 intra-day high 
The strategy will sell half of a GBP/USD short position at current levels of 1.6120 and look to sell the second half at 1.6220/30 broken channel support-turned-resistance, for an average short rate of 1.6170. The stop loss will be at 1.6340, a margin of error above daily trend line resistance at 1.6300/10, for a total risk of around 170 pips. The take profit objective is for an eventual decline to the 1.5750/5800 area, where daily trend line support come in. A daily close below the 1.6100 prior high would tend to signal that a top has been made and we would not expect additional strength. A close below 1.6000 would also shift the focus lower and stops could be tightened to breakeven.