Week of June 8, 2009

EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3783 will complete this rise while the June 3, 2009 high of 1.4338 caps.  As to the short term rise from the May 28, 2009 low of 1.3792, this rise is complete at 1.4338, as a 1 hr open and close below 1.4001 confirms further downside with 1.3792 as the next objective. For the session ahead look to sell EURUSD ahead of 1.4000 for 1.3792 objective, or Buy EURUSD if prices open and close on an hourly basis above 1.4001 for 1.4137 target.

GBPUSD’s rise from the April 22, 2009 low of 1.4396 remains active as ONLY a daily open and close below 1.5796 will complete this rise while the June 3, 2009 high of 1.6662 holds, as prices will then continue to move lower within a 1.5262-1.5796 consolidation zone before another attempt to the upside. As to the fall from 1.6662, this wave remains active as a daily open and close above 1.6130 will complete this fall with prices then continuing to move higher. As to the fall from Friday’s 1.6241 high, this wave remains active as a daily close above 1.6054 favors further upside towards 1.6137. For the session ahead, look to sell GBPUSD between 1.6010-1.6054 for 1.5796 target.