EUR/USD has so far slipped to an August low at 1.3179, close to the
September 2012 high at 1.3173, while on its way to the 1.3105 September low and
the psychological 1.3000 region.
Today the currency pair is likely to stabilize, however. Resistance comes in along the breached support line at 1.3279 and around 1.3333/36 with further resistance being seen along the three month downtrend line at 1.3404. While trading below here, downside pressure should be maintained.
Current position: None. Recommended trade: Sell at 1.3335, add at 1.3400, stop at 1.3450, target at 1.3110.
GBP/USD’s swift descent has so far taken it to a four month low at 1.6543 which was made below the 61.8% Fibonacci replacement at 1.6611, the 1.6585 late February low and the 1.6558 April low. A minor bounce off the current 1.6543 August low is now being seen but eventual failure there cannot be ruled out in which case the 1.6467/54 March low and 78.6% Fibonacci replacement will be targeted. Longer term we look for losses back to 1.6000. Minor resistance comes in around the accelerated downtrend line at 1.6680 and also along the 200 day moving average at 1.6682. While capped by it, GBP/USD will remain directly offered.
Current trade: Square. Recommended Trade: Sell at 1.6645, add at 1.6680, stop at 1.6740 and target at 1.6475.
Today the currency pair is likely to stabilize, however. Resistance comes in along the breached support line at 1.3279 and around 1.3333/36 with further resistance being seen along the three month downtrend line at 1.3404. While trading below here, downside pressure should be maintained.
Current position: None. Recommended trade: Sell at 1.3335, add at 1.3400, stop at 1.3450, target at 1.3110.
GBP/USD’s swift descent has so far taken it to a four month low at 1.6543 which was made below the 61.8% Fibonacci replacement at 1.6611, the 1.6585 late February low and the 1.6558 April low. A minor bounce off the current 1.6543 August low is now being seen but eventual failure there cannot be ruled out in which case the 1.6467/54 March low and 78.6% Fibonacci replacement will be targeted. Longer term we look for losses back to 1.6000. Minor resistance comes in around the accelerated downtrend line at 1.6680 and also along the 200 day moving average at 1.6682. While capped by it, GBP/USD will remain directly offered.
Current trade: Square. Recommended Trade: Sell at 1.6645, add at 1.6680, stop at 1.6740 and target at 1.6475.
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