Currency Technical Report (Source: Fxgreece)

EUR/USD

Resistance : 1,5740/ 1,1,5765-70/ 1,5800-10/ 1,5850-60
Support : 1,5670-80/ 1,5630-40/ 1,5600/ 1,5570/ 1,5520

Comment : Euro remained below the first resistance level at 1,5750-70 on Friday, forming a sideways consolidation. There is not much to add to Friday’s scenario. The cycle lows have passed and the important support level at 1,5570-5630 is reached, and a reaction will be very possible. However any rise will be considered corrective and the move should not breach the area of 1,5900-20.
First resistance is found at 1,5750-65, followed by the area of 1,5800-30, where our first basic targets are set.
If the price remains below 1,5750 and moves below 1.5650, it would be a sign of weakness. Lower targets at 1,5600 and 1,5570 will be back in the game, levels where bulls should gain momentum...


GBP/USD

Resistance : 1,9900/ 1,9930/ 1,9970/ 2,0020
Support : 1,9830-40/ 1,9790-00/ 1,9750/ 1,9700

Comment : The reaction towards important support levels at 1,9830-50 managed to lead the pair to the higher targets we had set, but bears gained momentum, leading the pound back below 1.9900 area.
The trend is likely to remain bearish and reactions should be limited below 2,0030-50. A downward break of 1,9830 could lead to 1,9750 and 1,9700-10...