Daily Technical Analysis - GBP/USD, EUR/USD, EUR/GBP

This is a discussion on Daily Technical Analysis - GBP/USD, EUR/USD, EUR/GBP within the Forex forums, part of the Markets category; Taken from CharmerCharts GBP/USD: Cable failed to hold support 2nd time around and down we came to 1.6150. We are ...

Reply
 
LinkBack Thread Tools Search this Thread
Old May 16, 2011, 9:24am   #1
Joined Sep 2010
Daily Technical Analysis - GBP/USD, EUR/USD, EUR/GBP

Taken from CharmerCharts

GBP/USD:

Cable failed to hold support 2nd time around and down we came to 1.6150. We are seeing
a little retracement currently but to make any further moves higher we do need to
break through the 1.6225 resistance.


Failure keeps the pressure to the downside and provokes a move lower with 1.6125 to
1.6090 targeted. We are beginning to enter oversold territory on the med term charts,
although as yet we have not turned positive, but we will keep a close watch on this over the next few sessions.


If we can break back above 1.6225 we will look for the 1.6316 to 1.6340 resistance to entice. Here we look to cover all long positions. Re-sell and keep stops then above 1.6350
for 1.6380/85.

EUR/USD:

Euros could only manage to retrace to 1.4340 before overhead pressure prevailed and
pushed them lower for 1.4048. Unless we can quickly break back above the 1.4120 resistance we shall trade lower and reach target of 1.3980 quite quickly.


We will be entering oversold territory soon on both the med and short term charts therefore this would be a good level to take profits on short positions. We would expect this to hold the initial attempt therefore we would be small buyers for this correction. 1.4185 to 1.4220 should entice this higher, but here we will be sellers looking for another move lower.


Now the Euros have broken through some good support now and we do have quite a good topping pattern formed on the med term charts, so we are viewing any strength as an opportunity to re-sell looking for this to come quite a bit lower.

EUR/GBP:

Eur/Gbp is beginning to be oversold, and therefore we must look to finding a base soon in this market. We have support at 8675 and this would be a good place to buy this cross in anticipation of a move higher.


However...any move higher is looking to be correctionary currently and we would look for 8750/55 as a possible top. We would cover longs to here then and we would be sellers for another move lower. Cover shorts to 8675 but look to re-sell a loss of 8665. A break below here leaves 8622 then as your short term objective.


Now if we do exceed 8755 we would expect the market to be held by overhead resistance evident at 8775/8795 and we would be a seller here for another leg lower.

Follow us on twitter @charmercharts
CharmerCharts is offline Newsletter / tip sheet / trading advice vendor   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Free Daily Forex Signal For GBP/USD & EUR/USD chip82 Forex 23 Nov 10, 2016 6:02pm
GBP/USD, EUR/JPY, USD/CAD and USD/JPY Technical analysis TraderDTS Forex 4 Mar 8, 2010 5:45am
Technical analysis for EUR/USD, GBP/USD bitrader Forex 90 Sep 27, 2009 1:39am
Technical analysis EUR/USD, GBP/USD bitrader Forex 5 Jul 4, 2009 9:32am
EUR/USD, EUR/GBP, GBP/USD trend trading hxcjf Trading Journals 7 Jun 8, 2008 5:49pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)