Forex Technical Update July 15, 2010 Targets for EUR/USD and GBP/USD
- Daily: The EUR/USD is surging towards 1.30/1.31 area as noted in yesterday's post. The European session saw the EUR/USD surge more than 100 pips. This came after some consolidation in the Asian session.
- In the daily chart we see today's price action break above a declining trendline suggesting a move towards 1.30/1.31 area. This is 150% expansion and 61.8% retracement area.
- The RSI shows bullish momentum as well, and any possible negative reversal is invalid.
- Daily: The greenback is weak across the board. The GBP/USD pair is breaking above a declining channel resistance just like the EUR/USD. It is looking to rally to the previous high near 1.55, and may extend to 1.57.
- The 1.57 area is also an important powerline that served as support for the rounded top action between May '09 to Jan '10.
Fan Yang Currency Analyst Commodity Trading Advisor
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