Currency Technical Report

EUR/USD

Resistance: 1,5950-55/ 1,5975/ 1,6020/ 1,6050/ 1,6080
Support : 1,5675-80/ 1,5635/ 1,5580/ 1,5525

Comment: The pair showed no reversal signs and it move again above 1.5900 area with low at 1.5840-50. The sideways consolidation, that we described in our yesterday’s analysis, seems to be formed with ranges between 1.5950-70 and 1.5850-70. Euro remains close to all time highs, without any reversal signs, and the move may continue to previous or new tops. April’s highs are at 1,6020 area and next technical resistance emerges at 1.6050-85.
Even though the market does not seem ready for a clear break or a further rise, long term targets will be at 1.6500-70 area. In case of a clear break we will post long term charts and new possible targets...
The market is expected to be nervous as the pair reaches the previous highs, and reaction may be similar to April’s tops.
If previous tops are not breached and the move is limited below 1.5900, a sideways consolidation may be formedwith ranges between 1.5850-70 and 1.5950-70.


GBP/USD

Resistance: 1,9980/ 2,0020-30/ 2,0050/ 2,0085/ 2,0130/ 2,0150
Support : 1,9950/ 1,9925-30/ 1,9880/ 1,9850

Comment: The pound is very close to 2.0000, which is an important resistance level. A move above 2.0030 will turn the base in the daily chart into a reversal formation, allowing the move until the area of 2.1000 and 2.0170-80, or even scenarios that indicate that the move will continue to 2.0400 area. If 2.0030 is not breached or we see a false break and retracement below 2.0000, a sideways consolidation could be formed in the daily chart.

(Source: Fxgreece)