FX Instructor

EUR/USD Technical View
Euro slowly moved higher on Tuesday but it lacked the energy to get close to the 1.4300 round number and as a consequence of that it has started the day losing a few points and retesting the 1.4200 level. The situation hasn't changed that much, the overall trend is still bullish this seems just like a cooling down period especially after Monday's moves. Looking for important price levels, on the north side we aim for the YTD high at 1.4350 before possibly making a strong push towards the 1.4500 round number, both of these levels act as a target and as resistance levels to be aware of; conversely on the south side support is represented by the up sloping trendlines we have on our chart and Monday's low at 1.4120 followed by the 1.4000 level.

Resistance Levels
* 1.4350 YTD High
* 1.4200- round number
Support Levels
* 1.3930 – September 13th high
* 1.3850 – July 24th High
* 1.3680 – April 27th High
* 1.3550 – June 5th High

GbpUsd Technical View
Cable moved sharply up yesterday, recuperating most of the ground lost on Monday, it reached the 2.0500 level where it encountered some resistance and is now trading a little lower. Same as in the euro the bias is still bullish and we have to pay attention to price action around resistance levels, first one is last nights high at 2.0517 followed closely by Monday night high at 2.0535, if both of them are breached we can start looking at the current YTD high at 2.0650 as the main bullish target on the charts at the moment. AS far as support areas we can see the 2.0365 level followed closely by the 2.0310-2.0325 area which proved to be a very important one in the last couple of weeks.

Resistance Levels
* 2.0650 – July 24th High
* 2.0460 – August 3rd High
* 2.0365 – September 12th High
Support Levels
* 2.0200 – Round number
* 2.0000 – Round number
* 1.9670 – May 21st low
* 1.9550 – previously tested support