EURUSD. Trend is downwards on the daily chart. Fibonacci extension 1.3640 was reached. You can try to put buy stop order on the 1.3793 level, put stop-loss order just below 1.3640 in this case. There are many false alarms possible during consolidation. It makes trading difficult. I recommend to use the tactic of re-entry.


GBPUSD. Pound has reached  lower border of descending channel and consolidating in the range (1.5589 -1.5709) on the daily chart . You can try to put buy stop order on the 1.5709 level, put stop-loss order just below 1.5589 in this case. You can try to put sell stop order on the 1.5589 level, put stop-loss order above 1.5709 in this case. There are many false alarms possible during consolidation. It makes trading difficult. I recommend to use the tactic of re-entry. The aggressive look to get short from the resistance, tentatively 1.5800, put stop-loss order above 1.5976.
 

Elena Chernaya, Chief Currency Strategist
ELAN Investment Solutions

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