EUR/USD Technical View

Euro tried to move higher on Tuesday but although it touched the 1.4900 level it failed to stay up there and started to move lower in the second part of the US session; the move continued in today’s Asian session and early European trading hours. The pair broke the 1.4800 support level and moved sharply towards the next support area at 1.4700/1.4735, a place where we are trading at the moment. A continuation south will have to push the pair through some tough support levels and an upsloping trendline that we have marked on the chart below, with that in mind we think EurUsd will slow down and trade around the current level for a while until we get some market moving data from the Us.

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 failed to break above last weeks high and after reaching the 2.0755 area it slipped lower and broke under the 2.0650 support level making a daily low at 2.0580. The bullish trend has come to a halt but the pair hasn’t completely reversed to the south side, we have been trading inside a 250 points range for the last few days with neither bulls or bears getting the upper hand. On the short term the next bearish target is the 2.0500 area where the pair should find additional support while on the north side we have to aim for the 2.0755/2.0775 area which is the closest resistance zone.

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