EUR/USD Technical View

Euro recovered yesterday a few points by bouncing back up very close to the 1.3680 support line. So far today it seems that the pair is again moving south but most traders are expecting to see the US data before making a commitment to add more shorts or reverse back to longs. From a technical point of view a break bellow 1.3680 will put the pair under more pressure and bears will take control, if that happens next support area is around 1.3612 followed by the 1.3550/60 zone. If on the other hand the pair recovers some strength we might be in for another push north toward the 1.3830 resistance line and new highs above that, the 1.3900 round number and higher up 1.4000 should act as bull targets and can be considered resistance levels when/if the pair gets up there.

Resistance Levels

• 1.3830 – July 18th High
• 1.3750 – round number

Support Levels

• 1.3680 – April 27th High
• 1.3550 – June 5th High
• 1.3459 – May 10th/11th Low

• 1.3365 – December 3rd High

GbpUsd Technical View

Cable has retraced quite a bit from Tuesday’s high at 2.0650 and after dropping for three consecutive days the pair is trading just under the 2.0400 level and looks to have its sights set on the 2.0365 support line. If the down move continues the next support target is the 2.0200 level which has already proved to be strong resistance and now has turned into support. A failure to breach bellow 2.0365 today will most likely be interpreted that the long trend has not finished and the pair will start to recover some of the loses from the last few days, with that in mind it won’t surprise us to see another push towards the current highs at 2.0650 and once there we might see a new high being made.



Resistance Levels

• 2.0700- round number
• 2.0650 – round number

Support Levels

• 2.0360 – July 11high
• 2.0200 – Round number
• 2.0133 – April 18th High
• 2.0060/70 – April 25th High