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Trade Desk Thoughts:
Forex Pair Review
Euro:
The four hour trend is short, as the pair battles 1.4050 resistance, and 1.3930 support. The pair has gone 6 trading sessions without being able to break, hold, and close under the swing point Support 2 areas, and has gone 25 trading sessions without being able to break, hold, and close above Resistance 1. Favor a straddle.
Cable:
The trend on the 4 hour chart is long, and backing a pair that is stuck at the same price point that it hit in June 2009. For a historically volatile pair, the price action is very well contained on the daily chart, with the Relative Strength Indicator hugging the 50% neutral line, and the daily average trading range down to 160 pips. Favor a straddle.
Yen:
The 4 hour trend is short after daily chart SMA’s failed to hold as support, around 90.50. The pair is at the center line of the 4 hour Bollinger bands with an oversold stochastic read that indicates another long bounce may be coming. EUR/JPY and GBP/JPY are below all of the daily chart SMA areas, and both need sustained E/U and G/U movement. Favor a Straddle.
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