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Majors at a glance 8/05/2009

Posted on May 8, 2009 at 3:05 in Starting the day by David Aranzabal

This is a quick review about EUR/USD and GBP/USD:

1.3252 held yesterday and gains were posted to 1.3470 before sellers got the better of the buyers and have taken this back to 1.3340. This will be the level to watch today.

If 1.3340 holds it will be a buyers market with gains looking likely to 1.3440/70 once more. Within this band profit taking will occur. Buyers then will only be interested if above 1.3480. Only then can this trade higher with 1.3516/35 the nearby target. Buyers will want more of the same and try and force this above 1.3540 for 1.3590.

If 1.3340 fails to hold the downside look for 1.3255/44 to entice. Sellers will be short covering at these lows. Sellers will want to take a breath, and only really have their interest rekindled if the market breaks below 1.3240 for 1.3215/00.

Read more… GBP/USD Focus

Source: FXstreet and Charmer Charts.com

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