EUR/USD Technical View
The pair reached an slightly overbought area the previous week and that showed on Monday and Tuesday when we saw a move down towards the support area established on June 5th high at 1.3550, after that Euro just bounced and headed straight up for the remaining of the week with only small intraday swings low, but everyday it kept making new highs until it got just under 1.3800 on Friday afternoon. Breaking above 1.3680 brought, as expected a strong move and now we just have to take into consideration the momentum and start looking for possible targets and resistance points. First target if of course the 1.3840/50 YTD highs if we can get above that than our sights are set on 1.3900 round number before making a push at 1.4000. Conversely if the current highs prove to difficult to break the pair might retrace a bit at first towards the 1.3680 area and depending on how strong rejection might be it can head towards the 1.3600 support level. The markets have been influenced lately, more than usually to some extent, by fundamentals and one has to take that into consideration and stay alert and aware that things can change with speed.
Resistance Levels
* 1.3850 – July 24th 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
* 1.3260 – June 13th Low
GbpUsd Technical View
Cable was pretty slow from the starting block this week, only on Tuesday we saw a more energetic move but the day ended up closing very close to the open, starting with Wednesday the pair moved a lot more. Breaking outside of the range we mentioned between 2.000 and 2.0200 got the pair to make a weekly high on Friday at 2.0320, and although the upside momentum has increased its still difficult to say if we are going to see new highs in the following days, a continuation north looks probable and if that will be the case we have to look at the 2.0460 level as both a bullish target and a resistance line, by comparison the EurUsd is much more closer to its YTD highs while cable still has a lot of ground to cover until it gets near to the 2.0650 area. In case the pair starts loosing its steam a retest of the 2.0200 area might be in play and if that level doesn't hold the price above it we will reenter in the range we witnessed for the last couple of weeks.
Resistance Levels
* 2.0650 – July 24th High
* 2.0460 – August 3rd High
* 2.0200 – Round number
* 2.0000 – Round number
Support Levels
* 1.9670 – May 21st low
* 1.9550 – previously tested support
From: FXStreet.com
Resistance Levels
* 1.3850 – July 24th 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
* 1.3260 – June 13th Low
GbpUsd Technical View
Cable was pretty slow from the starting block this week, only on Tuesday we saw a more energetic move but the day ended up closing very close to the open, starting with Wednesday the pair moved a lot more. Breaking outside of the range we mentioned between 2.000 and 2.0200 got the pair to make a weekly high on Friday at 2.0320, and although the upside momentum has increased its still difficult to say if we are going to see new highs in the following days, a continuation north looks probable and if that will be the case we have to look at the 2.0460 level as both a bullish target and a resistance line, by comparison the EurUsd is much more closer to its YTD highs while cable still has a lot of ground to cover until it gets near to the 2.0650 area. In case the pair starts loosing its steam a retest of the 2.0200 area might be in play and if that level doesn't hold the price above it we will reenter in the range we witnessed for the last couple of weeks.
Resistance Levels
* 2.0650 – July 24th High
* 2.0460 – August 3rd High
* 2.0200 – Round number
* 2.0000 – Round number
Support Levels
* 1.9670 – May 21st low
* 1.9550 – previously tested support
From: FXStreet.com
