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SunBirdFX Daily Market Analysis : 02/04/2012
JP Morgan Investment Bank are highlighting a different pair, the EUR/AUD. The bank sees a high risk of a pullback in the EUR/AUD given the short term overbought setup, and are looking to buy the dip with SL at 1.27 and TP AT 1.38 !!
The EUR/USD - 1.3700 is a big level now, with solid Selling interest around there. 1.3715 has stops above. There are sell orders around 1.3660 as well.
On the downside there are Buy orders ahead of 1.3600 with trader stops below. Overall the bias is still higher for the EUR, but 1.3700 is going to be a test for it. Look to buy the dips on this pair.
Look to buy the pair at 1.3520/30 (if it gets there) which is the 200 Weekly moving average.
EUR/JPY buy orders from 126.00, with stops below 125.80/85. More buy orders around 125.30/40.
The Topside around 126.90/127.00 holds sell ordres and more sellers ahead of 127.50. We will try a counter trade Short Sell Limit at 127.70 SL 127.95 TP 127.00 .