Forex4you Technical Analysis 23/08/10
EUR/USD: Technical Analysis
Support 1.2730 was breached and the price fixed below, which can be considered as an evidence for the “bearish” scenario to start. Having tested levels 1.2680/90, the trading is currently carried on at 1.2700/10. Indicators are more inclined to a “bearish trend”, making a further downward movement a high-possibility. Supports 1.2620/30 and 1.2540 are likely to be tested soon. A rise and fixation above 1.2820 are seen as the early signs to reversal upwards, resistance 1.2870/1.2900 will be the final signal for it.
GBP/USD: Technical Analysis
Despite persistent attempts for level 1.5470 breakout, the support withstood the “bearish” attacks and initiated a pullback upwards to 1.5570/80, where the price still resides. Level 1.5570/80 is matching with an uptrend channel line (blue lines), which was breached yesterday. The level is now being tested as a resistance. If the price doesn’t go back to the channel sector and resumes its downward movement, it should be considered as a signal to a sell off. Downtrend scenario will be dominating and the first serious stop is seen at support 1.5330/40. Although indicators prefer growth at the moment, so we should now be very cautious.
Support 1.2730 was breached and the price fixed below, which can be considered as an evidence for the “bearish” scenario to start. Having tested levels 1.2680/90, the trading is currently carried on at 1.2700/10. Indicators are more inclined to a “bearish trend”, making a further downward movement a high-possibility. Supports 1.2620/30 and 1.2540 are likely to be tested soon. A rise and fixation above 1.2820 are seen as the early signs to reversal upwards, resistance 1.2870/1.2900 will be the final signal for it.
GBP/USD: Technical Analysis
Despite persistent attempts for level 1.5470 breakout, the support withstood the “bearish” attacks and initiated a pullback upwards to 1.5570/80, where the price still resides. Level 1.5570/80 is matching with an uptrend channel line (blue lines), which was breached yesterday. The level is now being tested as a resistance. If the price doesn’t go back to the channel sector and resumes its downward movement, it should be considered as a signal to a sell off. Downtrend scenario will be dominating and the first serious stop is seen at support 1.5330/40. Although indicators prefer growth at the moment, so we should now be very cautious.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
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