Dear Traders,
The euro has made several attempts to break above the 1.09-barrier and therefore we needed to trade our long-entry persistently in order to regain some pips. As we noted in Friday's analysis, there could still be some room for further gains in the EUR/USD. Trading significantly above 1.09, we will turn our focus to 1.0945 and 1.10. In contrast to the euro, trading the British pound was easier yesterday. GBP broke below 1.50 and tested its next target at 1.4950. Short-traders were thus able to gain a nice profit.
With no important reports scheduled for release today, trading could be quiet. Sterling could be in waiting mode ahead of tomorrow's Bank of England meeting, but the overall bias should remain bearish. Upward moves could be limited until 1.5040 and 1.5065, whereas we see greater potential for downward moves, targeting 1.4950 and 1.4920.
EUR/USD
A next bullish target could be at 1.0945. Looking for further bullish momentum, traders should keep an eye on a break above 1.0960 targeting higher levels slightly below the key resistance of 1.10. We will favor a bearish stance as soon as prices break below 1.0840/30.
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