FX Instructor

EUR/USD Technical View
Euro formed a down bar on Thursday, moving lower after it printed a new record high at the 1.4500 round number, the low was the 1.4400 support line which sent the pair back up so far in today's trading hours. We have some data coming out later in the day and considering its the end of the week positions might be reevaluated, but looking at the chart below one can see that the trend is still up and while trading above 1.4400 it pays to be on the lookout for resistance levels and possible targets. Closest by is of course the YTD high at 1.4500 and above that there is no more clear resistance other than the 1.4600 round number. As far as support areas are concerned, we have this weeks low at 1.4373 before the 1.4300 round number.

Resistance Levels
* 1.4467 YTD High
* 1.4300- round number
Support Levels
* 1.4000 – Round number
* 1.3930 – September 13th high
* 1.3850 – July 24th High
* 1.3680 – April 27th High
* 1.3550 – June 5th High

GbpUsd Technical View
Cable put in a volatile day on Thursday, it printed a new record high at 2.0880 and after the European trading hours ended it gave back most of those gains to get below 2.0800; so far the pair is moving higher again and is trading comfortably above 2.0800. Same as the EurUsd the general trend is bullish, and while trading around these high levels one should be aware of future resistance areas, first one is yesterday's high at 2.0880, getting above that will get us very close to the 2.0900 round number followed by the psychological 2.1000 target. On the other side after such a strong push the US dollar might start recovering some of its strength, and if the fundamental news give comes out dollar positive that should push cable towards yesterday's low at 2.0740, if that move turns into a more serious retracement the next significant support line is at the July high of 2.0650.

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