EUR/USD Technical View

Happy Thanksgiving Day to all that celebrate this holiday, the US markets are closed today and this will certainly have an effect over the foreign exchange pairs. EurUsd printed a new high on Wednesday at 1.4870, and although it hasn’t moved that much we see the pair still making higher lows and higher highs and that supports our bullish bias. So far in today’s trading session the pair retraced to yesterday’s mid range level but as long as we’re trading above 1.4800 there is nothing to worry about concerning the bullish trend. Conversely a slip under 1.4800 combined with the overbought signals from the oscillators will give bears a new chance at opening new trades, the closest bearish target is the former YTD high at 1.4735.

Resistance Levels

• 1.5000– round number
• 1.4870- Nov 22nd 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 behave exactly like we expected in yesterday’s US session and bounced off the 2.0550 support area towards the highs and managed to get and stay above 2.0600. Today’s price action will probably stay between 2.0600 and 2.0700 as the US markets are closed and many traders are taking a day off. Without any surprises the market should be pretty stable until the start of next week considering that we have a short day on Friday. Getting above 2.0650 is the short term bullish objective and once that is achieved the focus will shift on the pairs next resistance at 2.0700, above that we have the 2.0775 area which is a projected bullish target for the last few days. Support wise as long as the pair trades above 2.0600 the bullish bias is still intact.

Resistance Levels

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

Support Levels

• 2.0460 – August 3rd High
• 2.0365 – September 12th High
• 2.0200 – Round number