Week of July 20, 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 at the June 3, 2009 high of 1.4338 with prices then continuing to move lower wihin a 1.3440-1.3783 consolidation zone before another attempt to the upside.  As to the short term rise from the June 14, 2009 low of 1.3911, ONLY a 2 hour open and close below 1.4068 will complete this rise while the june 16, 2009 high of 1.4165 caps.  For the session ahead, sell EURUSD at 1.4148 , stop loss at 1.4178 for 1.4008 target.

GBPUSD’s rise from the April 22, 2009 low of 1.4396 remains active as ONLY a daily open and close below 1.5846 will complete this rise while the June 30, 2009 high of 1.6743 caps. As to the short term rise from the July 13, 2009 low of 1.6031, this wave remains active as ONLY a 2 hour open and close below 1.6307 will complete this rise at the June 16, 2009 high of 1.6478, as prices will then continue to move lower within a 1.6202-1.6307 consolidation zone before another attempt to the upside.