EUR/USD Technical View
Euro has basically traded around the 1.3460 level all week and although it has given us some bearish signs a breakout of this range could happen either way. At this time traders are more than likely waiting for a good reason to buy or sell with bulls and bears being in a balance, the move will probably be triggered by a news announcement or an event in the following days. Closest support once the pair gets in last weeks range is the low of that range at 1.3365, if this level fails and the pair breaks bellow with we have June 13th low at 1.3260 as the next clear cut support level followed lower by the 1.3160 .50 Fib of the February-March range. Conversely if EurUsd doesn’t break bellow 1.3365, last week’s range between 1.3365 and 1.3410 might become a base for another push north, if that happens the first bull target will be yesterday’s high at 1.3477 before possibly getting above 1.3500 and towards June 5th high of 1.3550.
Resistance Levels
- 1.3680 – April 27th High
- 1.3630 – May 7th High
- 1.3550 – June 5th High
- 1.3459 – May 10th/11th Low
Support Levels
- 1.3365 – December 3rd High
- 1.3300 – January 7th High
- 1.3260 – February 27th High
- 1.3160 – .50 Fib of Feb-March range

GbpUsd Technical View
Cable is trading above the 2.0000 level but it doesn’t seem to have much momentum, the same as in the Euro we can see on the daily charts the pair is somewhat overbought looking at the oscillators and that is just another reason for bears to hold on to their position and why not perhaps add something. If the pair holds on to its current levels the bullish trend remains valid and with that in mind one can look for resistance levels, just above today’s high is the 2.0060 level established on April 25th high, which is the only intermediary resistance level between current trading price and the YTD high at 2.0133. Conversely if the pair fails to hold onto its gains and starts slipping one has to be aware of future support levels, most of them are former resistance and once broken they turned into support. 2.0000 can act both ways, and while we are trading above it is more of a support level now, next we have the 1.9950 level followed closely by the 1.9900 round number, if these support level fail to bounce the pair back up we need to look lower down at the 1.9840/70 area and even lower at the all important 1.9750 level.
Resistance Levels
- 2.0200 – Round number
- 2.0133 – April 18th High
- 2.0060/70 – April 25th High
Support Levels
- 1.9840/70 – May 4th / December 1st 2006 High
- 1.9750/60 – retested level, May 11th low
- 1.9700 – May 18th Low
- 1.9670 – February 21st Low
- 1.9550 – .50 Fib
