EURUSD
Intra-day sentiment is negative and a break above 1.4275/00 is needed to confirm that yesterday’s pullback was corrective and set next target on the downwards trend line seen on the chart below – now coming around 1.4340/50. That would be the first upside projected target on the intra-day charts and some efficient catalyst will be required to favor a break above 1.4340/50 within the next trading sessions, as it is just on the top of the average daily range, therefore chances are high that the trend will be exhausted upon reaching the 1.4350 region. On the downside, a resume of yesterday’s decline could easily show extended weakness on the Euro below the trend line support at 1.4220/25, then below 1.4210 – 1.4170 being the next support, lower. Current quote is 1.4244 @05:50 GMT
Support: 1.4225, 1.4210, 1.4170 and 1.4100
Resistance 1.4250/55, 1.4275, 1.4300 and 1.4340/50
GBPUSD
Yesterday’s break down below key short-term support at 1.6300/20 strengthens the current bearish structure especially as there are 7 consecutive bearish candles on the daily charts. Things doesn’t look too good for the bulls and a the formed support into the 1.6300/20 region will most likely provide a solid selling point on rallies. A break above the said level is needed to confirm the beginning of a recovery. On the downside, next support is seen on the 1.6000 mark. Current quote is 1.6212 @05:50 GMTSupport: 1.6150/60, 1.6100 and 1.6000
Resistance: 1.6300/20, 1.6400 and 1.6500
