EUR/USD Technical View

EurUsd is trading at the same level it was when we wrote our previous daily commentary, the pair moved lower in yesterday’s afternoon trading hours but then retraced back up above 1.4600 after finding support at the 1.4500 level. The markets are still undecided after the events we’ve witnessed this week and apparently many are still expecting the FED to cut interest rates again, and until that situation gets some clarification trading will be difficult, the battle between bulls and bears will keep the pair trading close to the current levels.
Resistance Levels

• 1.5000– round number
• 1.4966- Nov 23rd high
• 1.4735 –Nov 9th High

Support Levels

• 1.4500- round number
• 1.4300 – Sept 30th High
• 1.4000 – Round number
• 1.3850 – July 24th High

GbpUsd Technical View

GbpUsd moved below 1.9500 support level in Wednesday’s afternoon trading but failed to stay down there and jumped back up to retest the 1.9550 zone, where we are trading at the moment this commentary is written. We can see marked on the chart below a down sloping trendline that should offer additional resistance and help keep the pair trading below 1.9600; breaking above this trendline would turn n from resistance into support and will give bullish traders a short term opportunity to push the pair higher perhaps toward the 1.9670 level. After Tuesday’s sharp move the pair has entered into a consolidation area, and this is usually a sign that a second move is in the works, so with this in mind we advise caution and if a break occurs perhaps it’ll be better to wait for a small retracement before opening new positions.

Resistance Levels

• 2.1148 – Nov 9th High
• 2.1065 – Nov 7th High
• 2.0650 – July 24th High

• 2.0365 – September 12th High

Support Levels

• 2.0000 – Round number
• 1.9800 – Round Number
• 1.9670 – August 17th Low
• 1.9180