EUR/USD Technical View

Euro moved slightly above the 1.3680 resistance level but it got rejected from the 1.3700 round number, looks like the markets are waiting for the NFP release later on today before deciding which way to go. Trading above the 1.3680 resistance and looking at daily charts with the oscillators close to oversold areas one might be tempted to be long biased but a break above 1.3700 would give a much more clearer signal. If that happens and the pair clears Tuesday’s high at 1.3725 we will have to focus our attention on future resistance levels because another push towards the 1.3850 highs might be in play, closest resistance is the 1.3750 level that could act as intermediary resistance before a push towards July 24th highs at 1.3850. Conversely the pair might slip down towards the 1.3600 support and if the fundamentals support this move we might see a break bellow it, next bear target would be 1.3550/60 area followed by the 1.3460 support level.

Resistance Levels

• 1.3830 – July 18th High
• 1.3750 – round number
• 1.3680 – April 27th High

Support Levels

• 1.3550 – June 5th High
• 1.3459 – May 10th/11th Low
• 1.3365 – December 3rd High

GbpUsd Technical View

Cable tested the 2.0365 resistance again on Thursday and today is trading just under it while most of the trading community is waiting for the fundamental news releases. Same as the euro, cable is close to being oversold if we look at indicators on the daily charts, that and the strong up trend we’ve witnessed last couple of months should be enough to point out a possible long opportunity. If the pair gathers some strength and pushes over the 2.0365 resistance level we have to pay attention to former support levels now turned into resistance, closest one is the 2.0400 followed by the 2.0500, both of them are intermediary levels before the pair gets close enough to July 24th record high at 2.0650. On the other hand, good news for the US dollar will put pressure on the pair and a move lower towards 2.0200 can be possible, if this move has enough energy to break the strong 2.0200 support the next support is April 18th high of 2.0133 before the 2.0000 round number.

Resistance Levels

• 2.0700- round number
• 2.0650 – July 24th High
• 2.0360 – July 11high

Support Levels

• 2.0200 – Round number
• 2.0133 – April 18th High
• 2.0060/70 – April 25th High

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