EUR/USD Technical View

The pair found some strength and started slowly to rise, yesterday it printed a green bar on the daily charts and so far today is doing the same thing, on top of that it took out the previous high at 1.4240. Looking at the daily charts below we can clearly spot the next bullish target which is the current YTD high at 1.4300, a move above that will most likely aim for the 1.4500 round number, a level seen by many traders as a reasonable long target. Like we said the overall trend bias is still bullish but just in case we witness a sharp reversal one should pay attention at the 1.4140 support area which is the closest one before the 1.4000 round number and the up sloping trendline we have on our charts.

Resistance Levels

• 1.4300 YTD High
• 1.4200- round number

Support Levels

• 1.3930 – September 13th high
• 1.3850 – July 24th High
• 1.3680 – April 27th High
• 1.3550 – June 5th High

GbpUsd Technical View

Cable realized some gains yesterday after losing ground on Tuesday, it failed to make a lower low and after reaching 2.0285 it started to move higher, as we write this commentary the pair is closing in on the 2.0460 resistance line. The chart setup still shows us a valid bullish flag on the daily and, at the moment we are trading just below the top and we could see it break out higher later on today or tomorrow. A break above 2.0460 will reinforce bulls and will most likely push the pair higher up at first towards the 2.0500 level but aiming for the current YTD high at 2.0650. Conversely a failure to get print new highs will get us once again inside the 2.0460/2.0250 trading range.

Resistance Levels

• 2.0650 – July 24th High
• 2.0460 – August 3rd High
• 2.0365 – September 12th High

Support Levels

• 2.0200 – Round number
• 2.0000 – Round number

• 1.9670 – May 21st low
• 1.9550 – previously tested support