Forex4you Technical Analysis 06/08/10
EUR/USD: Technical Analysis
The price is still consolidating in a sideways range between the levels 1.3270/50 - 1.3110/20. The trading is now carried on at 1.3200/10. Having made attempts to show an upward movement, indicators are now neutral. Such state of events will obviously preserve till the beginning of an American session, when the US labor report comes out. Technically, the price is still in the uptrend channel, and “bullish” positions are dominating with a possible resistance breakout 1.3270. If it happens we can expect resistance test 1.3380 in the nearest future. Alternative scenario, at the same time can take place if the trend line is breached (red lines). In this case, we’ll get a first indication of a resumption of “bearish” trend and a mood change with the first stop at support 1.3020/10.
GBP/USD: Technical Analysis
As anticipated earlier, the trading remained in a sideways range between levels 1.5970 - 1.5820/00. No changes in the price make previous comments relevant – Resistance breakout 1.5970 with fixation above will signal of a scenario for reaching targets 1.6140/50. If the trading falls below support 1.5540, a reversal to a downtrend and a change of emphasis are a possibility. Support range 1.5820/1.5770/80 breakout will serve as a first indication that the “bulls” are having serious problems.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
The price is still consolidating in a sideways range between the levels 1.3270/50 - 1.3110/20. The trading is now carried on at 1.3200/10. Having made attempts to show an upward movement, indicators are now neutral. Such state of events will obviously preserve till the beginning of an American session, when the US labor report comes out. Technically, the price is still in the uptrend channel, and “bullish” positions are dominating with a possible resistance breakout 1.3270. If it happens we can expect resistance test 1.3380 in the nearest future. Alternative scenario, at the same time can take place if the trend line is breached (red lines). In this case, we’ll get a first indication of a resumption of “bearish” trend and a mood change with the first stop at support 1.3020/10.
GBP/USD: Technical Analysis
As anticipated earlier, the trading remained in a sideways range between levels 1.5970 - 1.5820/00. No changes in the price make previous comments relevant – Resistance breakout 1.5970 with fixation above will signal of a scenario for reaching targets 1.6140/50. If the trading falls below support 1.5540, a reversal to a downtrend and a change of emphasis are a possibility. Support range 1.5820/1.5770/80 breakout will serve as a first indication that the “bulls” are having serious problems.
Analysis by: Forex4you.com written by Joaquin Monfort
Forex4you analyst
Disclaimer:
Trading Futures and Options on Futures and Cash Forex transactions involves substantial risk of loss and may not be suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.
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