Currency Technical Report (Source: Fxgreece)

EUR/USD

Resistance : 1,5750/ 1,5780/ 1,5820/ 1,5850/ 1,5880/ 1,5920
Support : 1,5710-30/ 1,5680/ 1,5650/ 1,5620-30/ 1,5570

Comment : Euro declined sharply yesterday despite its initial rise until 1,5940-50, after it convinced almost the whole market that it may reach new highs.
First targets, according to our basic scenario, at 1,5750 and 1,5700-20 were achieved, while the daily close and the outlook in the daily chart indicate that the decline may be continued to 1,5570-5630...

First important support for today, as you can see in the charts, is found at 1,5700-30. An upward reaction from those levels is possible and first target will be at the area of Α 1,5760-80, followed by 1,5820-40, which seems as the higher level for a possible acceleration in terms of a corrective reaction. Next resistance emerges at 1,5870 and 1,5900-10.
A downward break of 1,5700, without breaching the area of 1,5750, would prove the bears' strength and a move resumption to 1,5570-5630 area would be possible. This area should not be easily breached and will give good buy opportunities...


GBP/USD

Resistance : 1,9960/ 1,9985-90/ 2,0020/ 2,0070-80
Support : 1,9900/ 1,9870/ 1,9845/ 1,9820/ 1,9790

Comment : The pound declined until the base of 1,9900, but it couldn't be breached. The strength of the support makes us more cautious and we will wait for the reaction at the resistance levels of 1,9950-60 and 1,9990-20010 area. Any retracement, in terms of a decline resumption, should be limited in the second area
A move above those levels would lead to 2,0070-80, where the tops were formed yesterday...
A move below 1,9900, without breaching the first resistance levels, would indicate the resumption of yesterday's decline and next target would be at 1,9830-50.