Market Analysis – Monday, September 16 2013

Market’s gapped up to start the week, leaving wrong-sided investors and traders with the decision of whether to close their positions or to hope the markets reverse in their favor. As always, it pays to keep to risk management rules. Later in the week there will be important economic data affecting the GBP, Euro and AUD. Below are some charts outlining important markets to pay attention. For those looking for additional assistance, we at CMTrading are here to help those looking to profit in the financial markets.

 EUR/USD

It’s currently trading at 1.3354 and remains below it’s recent high of yearly high of 1.34512. Targets on the upside are 1.3405 and 1.3443. On the downside targets are 1.3291 and 1.3215.

RESISTANCE	R1:  1.3405	R2:  1.3443	R3:  1.3519
SUPPORT	S1:  1.3291	S2:  1.3215	R3:  1.3177

 

GBP/USD

For those that thought they missed the opportunity to go short this pair in the 1.60’s, well those traders have gotten their wish. On the upside, getting above 1.6008 opens the way for 1.6066.

RESISTANCE	R1:  1.6008	R2:  1.6066	R3:  1.6182
SUPPORT	S1:  1.5834	S2: 1.5718	R3:  1.5660