EUR/USD Technical View
EurUsd put in another interesting week, as far as movements and volatility are concerned, it opened moving lower due to the US holiday and after an above average move on Monday the pair continued on Tuesday until the FED interest rate announcement that pushed EurUsd much higher above 1.4600, the weeks high was established on Thursday at 1.4778, the close on Friday found the pair trading just 70 points of the Sunday night open, at 1.4670. After failing to reach the 1.4300 support area we can see a higher low being formed and slowly we can see the pair has traded inside a 600 points range for the past few months and with the current market bias we can expect to test once again the 1.4900 resistance zone, and, if the pair has enough strength perhaps make a push toward the 1.5000 psychological target. Conversely on the south side the main resistance is now the area just above 1.4300 uo to 1.4360, a break of this will give bulls an important blow and bearish traders will have a great opportunity to open new positions.
GbpUsd Technical View
GbpUsd moved below 1.9550 support on Monday and the market was getting ready for another bearish run but the interest rate news coming out from the US reversed that and than some, after printing a new low at 1.9340 early on Tuesday morning the pair closed the day above 1.9600 and after a mellow Wednesday it shot higher on Thursday and Friday to close above 1.9800 after reaching the down sloping trendline we have marked on our chart connecting the 2.1137 record high from November and other two swing highs. Reaching such an important resistance line will obviously have a significant impact on how the pair will develop, breaking above will be a clear bullish signal even though we can expect a retest of the trendline to establish it as support; a failure to push through this resistance line will once again bring the pair close to the 1.9670 level and inside the January range.