Tuesday, March 2, 2010

Both EUR/USD and GBP/USD trending upwards

As you can see on my infamous charts above (click for a bigger image), both EUR/USD (left) as well as the GBP/USD (right) are trending upwards. The negative economic news an worries from Greece seemed to have settled a bit and a correction trade towards the 1.37 level has begun. The pair has crashed through all the Fibonacci retracement levels that I have drawn on the chart which for me is an indication enough the pair is on its way up. The same is for the GBP which seems to be trending upwards. I'm currently long both pairs and both are profitable so far. According to my calculations a breach though the 1.37 EUR/USD pair tomorrow doesn't seem to be unlikely as I see the GBP not trading below 1.49 around this time.

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