EUR/USD Technical View

EurUsd moved higher in the US session yesterday and printed a new high in today’s asian session at 1.4750. While trading below last weeks high point at 1.4770 we consider this to be a retracement move and as far as technical analysis is concerned we expect a move to retest the lows; on the othe rhand we have to take into consideration that later on today we have the FED interest rate announcement that can have a big effect in the markets, a surprise there can and will bring huge volatility to all pairs and especially the EurUSd, so with this in mind we advise caution until tomorrow.

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
  • GbpUsd Technical View

    Cable continued to move north reaching the 50.0 Fib line of the 2.0820/2.0180 down move, a level that is very close to the 2.0500 round number a former support and resistance area. The FED interest rate announcement will certainly have an effect on cable also, but looking at the daily chart below a failure to break and stay above 2.0600 and the two trendlines we have marked on our chart will most likely bring this retracement to a halt and the down trend can continue or at least we will see a consolidation period. On the bears side the next target is the 2.0365 level established on September 12th and now is also the middle of the last few days move up.

    Resistance Levels

  • 2.1148 - Nov 9th High
  • 2.1065 - Nov 7th High
  • 2.0650 - July 24th High
  • Support Levels

  • 2.0460 - August 3rd High
  • 2.0365 - September 12th High
  • 2.0200 - Round number