EUR/USD Technical View

Euro broke lower on Wednesday getting below 1.4700 and printed a low at 1.4640. The downside momentum is not that big but the pair is slowly heading lower as expected, next bearish target is the 1.4600 round level which coincides with the 61.8 Fibonacci retracement line of the bigger move north from October’s 1.4000 low to November’s 1.4967 record high. Looking at the daily chart below we can spot clearly the next areas where eurUsd might found support and these are 1.4600 and 1.4500 both levels that have proven to be relevant to price action in the past.
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

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Thursday’s Dec 20th midday analysis -13.00 GMT

EurUsd continued yesterday’s move and after it retraced a bit late in the US session it started to move down again and printed a new low just pips above 1.4300 support level. 1.4300 should give the true strength of this bearish move as it s a tough support level, a break here will certainly be a blow to bullish hopes.

GbpUsd retraced towards the 2.000 resistance but failed to reach it and then the pair sinked lower even breaking the 1.9900 support. Yesterday’s 270 points move has a projecte Fibonacci expansion target of 1.9760, we remeber this level from a few months ago when the pair was heading higher.