The eur/usd is  is standing in a key resistance level this morning at 1,3730, which represents the main bearish trendline resistance. I personally expect some difficulties to break through it, but if we do, have in mind that many stops are right above this level and we could attend a short covering rally to 1,3800 - 1,3850 resistance zone.

Otherwise, the bearish long term bias remains intact…

Good luck to all,

EUR/USD Daily Chart:

The pair is standing in the 200MA on the 4 hour chart, I’m guessing that stops are right below it and with USD under pressure this morning we could see a sell-off to 1,0650 -1,0600 support zone.

Remember my perfect trade setup:

http://blogs.fxstreet.com/techtrading/2010/03/02/usdchf-trade-setup/

I’ll stick to it…

Good luck.

4hour USD/CHF:

César B.Leiceaga

Hi guys,

Finally we got the rebound from trendline support that reached 122.60 during the asian session. The european traders have proved to be avid Fibonacci followers because this mornings drop has severely reversed from the 61,8% Fib support at 121,85.

Breaking above yesterdays highs, leaves space for further gains to test the top of the triangular formation that stands at 123,40.

Good luck to all,

Eur/Jpy 30 min chart:

César B.Leiceaga

The pair is facing minor bullish trendline and strong support around 121,50 - 121,80 zone. No doubt the pair is strongly bearish but i’m looking for a bounce from this critical support area.

If we break to the downside next support levels lay at 121,30 (61,8% Fib) and 121,00.

Resistance lay at 122,00, 122,50 (38,2% Fib) and 123,00 (61,8% Fib)

Good luck!

EUR/JPY 4 hour:

César B.Leiceaga

Just wanted to point out the situation on cable, long term remains bearish but short term direction keeps holding the bullish bias. Today the pair dropped to test the 38,2 Fib support (from the leg 1,4780 to 1,5190) that overlaps with the recent bullish trendline.

For intraday trades I’m a buyer but placing stops below 1,5000 psychological level, if the pair slides below this support zone I’m reversing my longs to shorts within the blink of an eye.

Good luck to all,

1 hour GBP/USD:

César B.Leiceaga

I’m posting a trading idea on the pair, remember it is only an opinion and it should NOT be taken as financial advice.

My idea is to long the pair if it retraces to the mid term bullish trendline and 38,2% Fib support around 0,8960. Risking 40 pips and targeting 0,9100 - 0,9150 zone. A run back above 0,9100 would inmediately cancel this trade plan.

Good luck to all!

4 hour Eur/Gbp:

César B.Leiceaga

1 hour GBP/USD chart:

Hi guys,

Cable is terribly weak no doubt about it and in my opinion any rallies should represent a good selling opportunity. Today the pair tapped 1,5140 resistance after the BOE interest rate decision and retraced nicely below the short term bullish trendline. A good sign of recovery would be holding above 61,8 and 38,2 fib supports. If not, I’m looking to short targeting this weeks lows.

César B.Leiceaga

Hi guys,

Aussie is trading above all time highs against the kiwi. I’m considering taking a counter trend long term trade due to various reasons:

1.Daily RSI in extreme overbought levels. (80 level)

2. Close to top of the bullish channel

3. Trading above 161,8% Fib extension from the swing  123,20 - 127,60.

4. Stop hunt above 1,30 psychological level has been already made. Maybe its time to reverse right?

I’ll update my trading diary with exact levels.

César B.Leiceaga

Hi guys,

I’d like to point out the relevance of the situation in the USD. If the rally is for real, we need to have some kind of bounce from 79,50 support.  Hovering around 80 pychological level, from a technical perspective we should not see further declines below 78,50 region (38,2 Fib and 200MA).

I’ll update my view next week.

César B.Leiceaga

The 4 hour chart of the pair is showing a continuation pattern in this case to the upside although 0,9100 offers a good resistance and RSI warns a setback to Fib levels. My suggestion is to focus on the break above or below the pattern for intraday purposes.

Good luck trading!

4 hour chart:

César B.Leiceaga