EURUSD Long Target Raised, Profit Taken On EURGBP Long

This is how MyFXspot.com trades now:

EUR/USD

Trading strategy: Long

Open: 1.1610

Target: 1.1850 (raised from 1.1750)

Stop-loss: 1.1540

Recommended size: 2.86 mini lots per $10,000 in your account

Short analysis: We saw a close clear above the 55- day moving average and inside the daily cloud on Monday. The upward move is continued today. The nearest resistance is daily cloud top at 1.1752. However, given current bullish momentum we have raised our EUR/USD long target to 1.1850, just below June 14 high.

GBP/USD

Trading strategy: Long

Open: 1.2835

Target: 1.3110

Stop-loss: 1.2700

Recommended size: 1.48 mini lots per $10,000 in your account

Short analysis: The GBP/USD broke above the 7-day exponential moving average and is testing August 22 high. A close above 1.2936 would be a good signal for our bullish position.

USD/JPY

Trading strategy: Short

Open: 111.30

Target: 109.30

Stop-loss: 112.30

Recommended size: 1.67 mini lots per $10,000 in your account

Short analysis: Lack of bullish follow through after the August 23 rally inside the daily cloud. Price has failed to drive the advantage home and despite close proximity of the cloud top, 111.62, the market has adopted a sideways bias. We are short for 109.30. Close below 10-day and 55-day moving averages, 111.05 and 111.02 respectively, will put bears back in control.

USD/CAD

Trading strategy: Short

Open: 1.3065

Target: 1.2745 lowered from (1.2845)

Stop-loss: 1.3175

Recommended size: 1.78 mini lots per $10,000 in your account

Short analysis: The USD/CAD broke below 100-day moving average (1.2988), which opens the way to May 11’s recent trend low at 1.2730. We have lowered our short’s target to 1.2745.