Technical Overview of EUR/USD and GBP/USD Currency Pair

EUR/USD

EUR traded lower against USD and closed at 1.1193

The market is well placed to retest resistance at 1.1197- 1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1360 which continues to represent a critical break point medium term.”

“Dips lower are well supported by the 55 and 20 day ma at 1.1095/1.1065 and the 3 month uptrend at 1.1045.”

“Failure at the uptrend would target the 1.0981 29th November low.”

According to the Analysis, pair is expected to find support at 1.1167 and a fall through could take it to the next support level of 1.1156 The pair is expected to find its first resistance at 1.1205 and a rise through could take it to the next resistance level of 1.1216.

GBP/USD 

GBP traded higher against USD and closed at 1.3167

“We look for dips lower to remain well supported by the 55 day ma at 1.2987. The low on the 23rd December was 1.2908 and while above here we will assume an upside bias to retest the December high at 1.3515.”

“The December high at 1.3515 guards the September 2017 high and 38.2% retracement (of the move down from 2014) at 1.3658/68. This guards the more important 1.3918 2007 -2020 downtrend.”

According to the Analysis, pair is expected to find support at 1.2841 and a fall through could take it to the next support level of 1.2604. The pair is expected to find its first resistance at 1.3461, and a rise through could take it to the next resistance level of 1.3607.

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Author: Mark Burg