FX Instructor

EUR/USD Technical View
The pair pushed higher on Thursday reaching Monday night high and continued to move in today's Asian session and is now trading above the previous highs, the current YTD high is at 1.4375. Breaking a new high should give the bulls the upper hand as the momentum is clearly on the long side, now that the pair is trading above the resistance level the only significant target left on the charts is the 1.4500 round number. Although the price still points north reaching the above mentioned target is not going to be a one way trip, so we need to be aware of the possibility of a retracement, if that happens the support is represented by the 1.4300 round number and the up sloping trend lines you see marked on our chart and lower down we have Monday's low at 1.4120.

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 traded just under the 2.0500 for the most part of Thursday's trading hours and it finally managed to breakthrough at the end of the session; now the pair made a new high at 2.0570 and appears to have enough energy to keep above 2.0500. The daily charts still look bullish and with only a small push we could reach the current YTD high and closest resistance level at 2.0650, if that happens in the following days we could witnessed a new record high on this pair after that. On the other hand the upside momentum doesn't look that strong and things might slow down or a retracement might happen, with that in mind we have to look at the 2.0500 level now turned into support followed by 2.0365, 2.0310-25 sequence of support area that will have an effect on the price if we get that low.

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