EUR/USD Technical View
EurUsd pushed higher, breaking the former resistance area now turned into support at 1.4700/1.4735; the pair even broke through the 1.4800 level in Tuesday’s session reaching a high at 1.4850. So far today we are seeing a small retrace towards the 1.4800 round number but the overall bias is still bullish and perhaps now more than ever the 1.5000 target seems in reach, for this to happen the pair needs to break above 1.4850 which is the closest resistance level. Conversely a slip under 1.4800 combined with the overbought signals from the oscillators will give bears a new chance at opening new trades, the closest bearish target is the former YTD high at 1.4735.
GbpUsd Technical View
GbpUsd put in a strong day yesterday covering more than 200 points but it lacked energy to stay above the 2.0650 resistance level and we are seeing the pair slipping lower already giving back more than half the points it gained yesterday. This move looks like a retrace and we expect cable to recover and start once again to break the 2.0650 resistance and aim for the 2.0775 target area. On the other hand a strengthening of the US dollar, although unlikely at this point, will push the pair lower and bring to our attention the 2.0500 area as the closest support before the already proven 2.0365 level.