Forex Trading Signals May 25th 2011 (Pre- EU Market Open)

EUR/USD intraday: the downside prevails. Pivot: 1.4085.

Most Likely Scenario: SHORT positions @ 1.4075 with 1.3965 & 1.3865 as next targets.

Alternative scenario: The upside breakout of 1.4085 will open the way to 1.4135 & 1.42.

Comment: The pair has broken below an intraday bullish channel support.

Trend: ST Ltd Upside; MT Range

GBP/USD intraday: the downside prevails. Pivot: 1.6200.

Most Likely Scenario: SHORT positions @ 1.619 with 1.6055 & 1.603 in sight.

Alternative scenario: The upside penetration of 1.62 will call for 1.6235 & 1.63.

Comment: the RSI is capped by a declining trend line.

USD/JPY intraday: testing the channel support. Pivot: 81.60.

Most Likely Scenario: LONG positions @ 81.7 with 82.1 & 82.25 in sight.

Alternative scenario: The downside breakout of 81.6 will open the way to 81.3 & 80.95.

Comment: The pair stands in a bullish channel.

AUD/USD intraday: the downside prevails.Pivot: 1.0535

Most Likely Scenario: Short positions below 1.0535 with targets @ 1.042 & 1.039 in extension.

Alternative scenario: Above 1.0535 look for further upside with 1.058 & 1.061 as targets.

Comment: The RSI is bearish and calls for further downside.