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Anticipate Market Trends. Make More Profitable Trades. Get Daily Forex Research & Technical Analysis Trusted By Thousands of Traders.HIGHLIGHTS:
GBPUSD: Recovering Higher Off Recent Low - Having backed off lower level prices at 1.6112 to close higher on Tuesday, GBP was seen following through higher in early trading today.
EURUSD: Reverses Declines, Keeps Eyes On The Upside - As declines halted at 1.4272 and a higher close was seen on Tuesday, early morning strength today now looks to push the pair further higher towards the 1.4376 level where its Sept 01’09 high is located.
GBPUSD
GBPUSD: Recovering Higher Off Recent Low
GBPUSD - Having backed off lower level prices at 1.6112 to close higher on Tuesday, GBP was seen following through higher in early trading today. That leaves its present recovery targeting its Aug 28’09 high at 1.6379 at first followed by the 1.6622 level, its Aug 16’09 high with a loss of there targeting the 1.6742 level, its July 30’09 high and then the 1.7000 level. Further than there will clear the way for a run at the 1.7041 level, its Aug 05’09 high. Its daily RSI remains bullish and pointing higher supporting further strength. Conversely, a fade in its current upside recovery should see the pair turn lower aiming at the 1.6111 level, its Sept 01’09 high with a loss of there pushing the pair further lower towards the 1.5982 level, its July 08’09 low and then the 1.5798 level, its July 08’09 low.On the whole, with a halt in its declines off the 1.7041 level, recovery higher should is now envisaged.
EURUSD
EURUSD: Reverses Declines, Keeps Eyes On The Upside.
EURUSD: As declines halted at 1.4272 and a higher close was seen on Tuesday, early morning strength today now looks to push the pair further higher towards the 1.4376 level where its Sept 01’09 high is located. This view remains consistent with its medium term uptrend and should witness more upside pressure towards the 1.4405 level on a loss of the 1.4376 level. Further out, resistance is located at the 1.4719 level, its Dec 18’08 high and then the 1.4875 level, its Sept 21’09 high. On the downside, support begins at the 1.4176 level, its Sept 01’09 low followed by its MT rising trendline currently seen at 1.4054. On a turn below that level, EUR should weaken further towards the 1.3747 level, its Jun 16’09 low. Its daily stochastic is bearish and trending lower suggesting further downside weakness. On the whole, with a continued hold above its rising channel, EUR looks to trigger the resumption of medium term uptrend now on hold.
