Forex Trading Signals June 27th 2011 (Pre- EU Market Open)

EUR/USD intraday: under pressure. Pivot: 1.4200.
Most Likely Scenario: SHORT positions below 1.42 with targets @ 1.407 & 1.399.
Alternative scenario: The upside penetration of 1.42 will call for 1.425 & 1.431.
Comment: The pair has broken below its rising trend line and should face further weakness.
Trend: ST Ltd Upside; MT Range


GBP/USD intraday: under pressure. Pivot: 1.5995.
Most Likely Scenario: SHORT positions below 1.5995 with 1.5885 & 1.5825 in sight.
Alternative scenario: The upside penetration of 1.5995 will call for a rebound towards 1.604 & 1.6075.
Comment: The pair has broken below its support and remains on the downside.


USD/JPY intraday: the upside prevails. Pivot: 80.50.
Most Likely Scenario: LONG positions above 80.5 with targets @ 80.95 & 81.1.
Alternative scenario: The downside penetration of 80.5 will call for a slide towards 80.35 & 80.15.
Comment: The pair remains on the upside and is challenging its resistance.


AUD/USD intraday: under pressure. Pivot: 1.048
Most Likely Scenario: Short positions below 1.048 with targets @ 1.04 & 1.036 in extension.
Alternative scenario: Above 1.048 look for further upside with 1.052 & 1.055 as targets.
Comment: The pair is challenging the lower end of its channel.





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