Forex: Jason Sen Comments On EUR/USD And GBP/USD

EURUSD we wrote: collapsed after the sell signal initially targeting 9810/9790 & 9720/00. Holding below here targets 9620/00.

Euro

Target hit but we continued lower to 9565.

GBPUSD crashed another 500 pips as soon as the market opened on Sunday to hit a new all time low at 1.0382.

Today's Analysis.

EURUSD first resistance at 9700/20. Shorts need stops above 9740. A break higher can target 9800/20.

The only support is at 9580/60. Longs are so risky in the bear trend with momentum building to the downside. A break below 9540 signals further losses to 9490/80 & 9430/20.

GBPUSD crashed to 1.03.84 then shot higher to first resistance at 1.0940/60 with a high for the day only 10 pips below. The resistance is lower today at 1.0900/20 today. Shorts need stops above 1.0940. A break higher can target 1.1100/20.

Holding first resistance at 1.0900/20 targets 1.0740/20 perhaps as far as 1.0650/30. Obviously the only support we now have is at yesterday's all time low at 1.0400/1.0385.

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Jason Sen

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason used technical analysis throughout his trading career and formed Daytrdeideas.co.uk which established itself as the leading provider of daily technical analysis to independent and professional traders within the investment bank community. He advises dozens of traders at up to 15 major investment banks and hedge funds on market movement throughout each trading day on The Bloomberg Professional® service. Jason Sen also provides trade ideas with entry, exit and target levels on Telegram & in daily reports to retail traders. daytradeideas.co.uk