Free Morning Forex Trading signals – Feb 15, 2013

Please note that due to market volatility, some of the below sight prices may have already been reached and scenarios played out.

EUR/USD intraday: key ST resistance at 1.338

Pivot: 1.3380.

Our preference: SHORT positions @ 1.337 with 1.3305 & 1.326 as next targets.

Alternative scenario: The upside penetration of 1.338 will call for a rebound towards 1.3415 & 1.344.

Comment: the pair stands below its new strong resistance and remains under pressure, the RSI stands below its neutrality area and is turning down.

GBP/USD intraday: key ST resistance at 1.557

Pivot: 1.5570.

Our preference: SHORT positions @ 1.556 with 1.545 & 1.541 as next targets.

Alternative scenario: The upside penetration of 1.557 will call for 1.5635 & 1.5685.

Comment: the pair stands below its new resistance and remains on the downside, the RSI is reversing down and avocates for further weakness.

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USD/JPY intraday: the downside prevails.

Pivot: 93.25.

Our preference: SHORT positions below 93.25 with 92.1 & 91.75 as next targets.

Alternative scenario: The upside penetration of 93.25 will call for a rebound towards 93.85 & 94.45.

Comment: the pair has broken below a rising trend line and remains under pressure while challenging its support, the RSI stands below its neutrality area.

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EUR/JPY intraday: under pressure.

Pivot: 124.45

Our preference: Short @ 124.37 with targets @ 122.9 & 122.15 in extension.

Alternative scenario: Above 124.45 look for further upside with 125.5 & 126.45 as targets.

Comment: the pair stands below its resistance and is challenging its previous low, the RSI stands below its neutrality area.

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GBP/JPY intraday: capped by a negative trend line.

Pivot: 144.4

Our preference: Short @ 144.25 with targets @ 143 & 142.25 in extension.

Alternative scenario: Above 144.4 look for further upside with 145.4 & 146.1 as targets.

Comment: the pair stands below its new resistance and remains capped by a declining trend line, further weakness is likely as the RSI stands below its neutrality area.