Charts to Start the Week 7/16/12

EURUSD

Not a good idea to look for buying opportunities, but rather wait for better levels to sell – if a correction is due.

Market sentiment: intraday – bearish, short-term – bearish

Potential trade strategy: to sell into rallies towards 1.2350-1.2400, targeting 1.2200 and below

GBPUSD

Cable is following EURUSD higher and first resistance to keep an eye on is around 1.5650.

Market sentiment: intraday – bullish, short-term – bearish

Potential trade strategy: to sell into strength at 1.5650, with an initial target at 1.55

I wish you all the best of luck,,,,,

One Love Brothers