16 Jun 2015

MAJORS UPDATE 16.06.2015


The rate is currently trading in a tight range within a descending triangle range in the middle of a larger range.

A break below 0.7700 should take the rate down to test the descending triangle floor at 0.7600. Although a further downside break is unlikely a daily close below 0.7600 would signal about a potential move towards 0.7250-0.7300.

A break above 0.7800 is preferred and may take the rate up to test the range highs around 0.8100.


The rate is currently testing the old support as the new resistance at 123.75. The current price formation resembles a rising wedge therefore a downside break is preferred.

A break below 123.00 should take the rate lower to test the major support at 122.40. As a further break below this level is less likely - it may provide with a good opportunity to long the pair.

A break above 123.75 should take the rate up to test the yearly highs at 125.80.


The rate has formed a possible symmetrical triangle. A break above 1.1350 may take the rate up to 1.1500 level and a break below 1.1190 down to 1.1000, however, it is not advisable to trade these breaks as they are a part of a larger range.

The proffered tactic for summer trading this pair is to trade the bounces of the range highs and lows (1.1000; 1.1500)


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