Charmer Charts daily FX technical anlaysis forecast

[CharmerCharts]

GBP/USD lost ground yesterday and came lower to 1.5346. we have held up this morning,
but below 1.5400 keeps the pressure to the downside, leaving the way clear for another
round of selling with 1.5335/25 then looking to entice.
If we cannot hold over 1.5325 then you should find further selling pressure evident with
1.5255 to 1.5230 then targeted.
If we can claw our way back over 1.5400 it would ease the immediate downside threat
and leave 1.5470/80 exposed in the short term, with a break then predicting a move
higher to 1.5505.

Eur/Usd hit 1.2919 which was enough on the topside and sent the sellers then into a frenzy and they drove the market down to 1.2867, just in front of our 1.2860/50 support.
Support is now at 1.2860/50. If we cannot hold onto this support we are looking at the market coming lower for 1.2830 and possibly 1.2780 before buyers step in once more and hold the market higher.
If we can hold the 1.2860/50 support we are looking at the market then coming higher once more with the 1.2920 resistance once more the attraction. Buyers are once more advised to cover to here, and they will only come back into the market if we can break this resistance for 1.2950/65.

 

[CharmerCharts]

GBP kept the pressure to the downside yesterday, breaking 1.5325 and coming lower to 1.5297. Now we have seen the market move back above key level of 1.5325 and touch 1.5384 overnight.
If we can claw our way back over 1.5400 it would ease the immediate downside threat and leave 1.5470/80 exposed in the short term, with a break then predicting a move higher to 1.5505.
Now if we can hold below 1.5400 then we have a good chance of trading lower once more with 1.5325 once more the targeted area. Apply the same strategy of covering all shorts to here and only holding longs as long as this support holds. If we fail to hold then we should come back lower once more.

Eur/Usd came sharply lower and once through 1.2780 sellers kept up the pressure and we came lower to 1.2678. We have see a small recovery overnight, but nothing really significant and unless we can break back 1.2780 we are going to see downward pressure resume with 1.2626/24 targeted in the short term.
Here sellers may well be advised to cover shorts. You are going to find support at these lower levels and given that we have seen quite a decline since the beginning of August this may well be enough to hold the downside. However if below 1.2600 all bets are off and we are going to come quite a bit lower from here.
If we can edge back above 1.2780 there is scope for a recovery, but again 1.2920 looks to be the top and we should sell here looking for a resumption of the downward moves.

 

[CharmerCharts]

GBP/USD continues to trade within a sideways band with 1.5400 acting as pivotal. The safest way with this market is too leave it alone whilst it stays range bound, but if you have to trade then as long as we stay above 1.5400 we should trade higher.
We are looking at 1.5505/1.5520 on the topside and this is where buyers would be expected to cover. We would expected sellers in at these higher levels and they should hold unless we break 1.5550.
1.5325 remains quite solid on the downside and unless we break below here we should see the buyers come in at these lower levels.

Eur/Usd does remain looking weaker overall. But we could see a small blip higher this morning to ease the oversold conditions evident on the charts. If we can crack 1.2710 we should look for this to come higher with 1.2780 then targeted.
Sellers should be waiting at these higher levels and look to keep the market depressed. It is only if we break 1.2830 that the sellers would wobble.
1.2626/24 is quit good support here. Buyers will be in at these lower levels adding to 1.2600 and they would only reverse if we lose 1.2600. Failure to hold over this support keeps the market under pressure for 1.2550/40.

Eur/Gbp bounced from 8200...however we still look under pressure unless we can
break and hold above 8246. If we can achieve this we should come higher for 8285 and possibly
8300 before downward pressure resumes.
Now once we have corrected we can trade back once more with 8211/8200 targeted.
If we lose 8190 sellers will come out in force once ore and we should then be able to make our way lower for 8165 initially, with greater potential for 8125/20.

 

[CharmerCharts]

Eur/Usd stayed depressed on Friday, but overnight the market has strengthened and is
currently nudging the short term 61.8 % fib level of 1.2812. However short term we are
overbought so expect a struggle at these higher levels.

We should see correction quite quickly with 1.2710 to 1.2690 looking to entice. Buyers are
likely to be in this vicinity therefore sellers are expected to cover all short positions. They
are expected to hold unless we lose 1.2670.

So as stated we have good resistance at 1.2812/30. If buyers do manage to break above
1.2830 we would be looking for 1.2920 then 1.2950/60 quite quickly.

GBP/USD has not changed and continues to trade within a sideways band with 1.5400 acting as pivotal. The safest way with this market is too leave it alone whilst it stays range bound, but if you have to trade then as long as we stay above 1.5400 we should trade higher.

We are looking at 1.5505/1.5520 on the topside and this is where buyers would be expected to cover. We would expected sellers in at these higher levels and they should hold unless we break 1.5550.

1.5325 remains quite solid on the downside and unless we break below here we should see the buyers come in at these lower levels.

 

[CharmerCharts]

GBP has finally broken higher and we went to exactly the med term fib level of 1.5587.
Gains have been maintained today but we really need to clear 1.5620now to continue trading higher.

Failure to break yesterdays high does leave this in a slightly more vulnerable state and we could see the sellers take us lower back to the 1.5420/1.5400 support. Once more buyers would be expected here. Now a break of 1.5620 should leave us well placed to go back to the highs of 1.6000 over the next few weeks.

Eur/Usd broke higher Monday and this set the tone for yesterday as we broke above 1.2920 and carried on higher for 1.3033. Now we have seen a pullback but as long as we can hold above 1.2920 we should be able to trade higher. Obviously we are going to be stuck at the 1.3035/45 resistance, but if we can clear this then we should be able to trade back to the highs of 1.3270/1.3330.

Now as stated the break point on the topside was 1.2920. So if we lose this support then it would see a retracement back to 1.2830 where buyers would be waiting once more.

Eur/Gbp achieved target of 8390 at 8397. Now this has a double top on the charts, and as we are overbought it would be low risk to sell at these higher levels, keeping a tightish stop around 8420.

We should see the market ease back from these higher levels of 8390 and would expect this to then come lower for 8325/8310region. Sellers are advised to cover all short positions here. Re-sell a break of 8300 as this would lead us lower for 8266/55.

Now if the double top fails to hold and we do break 8420 shorts are to be reversed as we would then be in a good position to trade higher with 8450/55 to 8470 the targeted area.

 

[CharmerCharts]

GBP/USD still retains strength and broke 1.5620 yesterday. Now although we have dipped back, we are still holding onto good support located at 1.5587 and as long as we can maintain above here we should be able to trade higher this session.

We do have resistance at 1.5685, but we have now made the break and it is a case of buying dips down to 1.5587,holding unless we lose 1.5550.
1.6000 does still remain our target overall, and for the foreseeable we look to buy any short term weakness. Now although we expect the market to continue higher, it will not go in a straight line so buyers beware, cover longs to resistance levels and buy a break of these aforesaid levels. If we break 1.5685 look for 1.5725/39 where we would initially look to cover.

Eur/Usd just blipped to1.3040 and sellers held this at bay. Now we are looking ok as long as dips are contained by 1.2920. Buyers are expected in at these lower levels and therefore we should be buying also at these lows.

We do need a break above 1.3045,so initially, any longs instated on dips are to be covered prior this point. We have a small double top on the 60min charts, and this may well be enough to see a small retracement early in the session as stated back to 1.2920. Only below 1.2880 would buyers wobble, so bear this in mind.

Now if we can clear 1.3045 fresh buyers would be expected to come back into the market and we should then see further rallies towards the 1.3270 to 1.3335 resistance band.


Eur/Gbp blipped higher, but failed to break our resistance level thus keeping us short. Covered to 8310 and now we await next move.

We are cautious buyers at 8310, although if we lose 8300 this will be quickly reversed and we should then come lower for 8266/55. Once more it is prudent to cover, wait for a bounce, and re-sell once more.

8310/00 holding leaves us liable to upside moves once more with 8390/8400 offering a barrier. It really is only a break of 8420 where we would once more look to buy, as a break above here triggers another wave higher with 8450/55 then targeted.

 

[CharmerCharts]

Eur/Usd held up well yesterday and came higher for 1.3117. we have extended the move overnight and therefore we should expect the market to come higher towards the 1.3185/95 resistance.

You may well see some slight selling pressure here from profit taking and industrious sellers hoping for a small correction. Correction would be looking likely to be held by 1.3035 to 1.2999. Buyers would be expected back into the market on these lower levels. Now if we break 1.3200 we are looking then at the market coming higher once more for 1.3265/70 then onto 1.3334.

GBP has virtually reached our target area. If you are still holding longs remember that
you should cover to1.5725/39 and you can always go back into the market if we break
1.5745.

If we can do this then we are looking at the market coming higher with 1.5770 first with
1.5825 a close second resistance. Now a little bit further out, please remember that as we held 1.5300 the target became 1.6000 again, so this really is a case of buying into short term weakness for this slightly longer term target.

Pullbacks from current levels are expected to the first med term fib of 1.5587, and this
is where you would want to re-enter long positions.

Eur/Gbp stayed within defined parameters yesterday, so quite easy picking for traders. As we have bounced from 8300again and closed quite high there would be more incentive for the buyers.

Now 8400is good resistance, so buyers are safer to buy a break of 8420. A break of this resistance would confirm strength and leave us wide open for a move higher with 8531/34 then looking likely over the next week.

If we struggle at 8400/8420 then we should be able to see a small pullback to 8360 area. If we lose this support then buyers should abort longs as sellers will try and take us lower for 8310/00 where once more buyers are expected.

 

[CharmerCharts]

GBP/USD reached target of 1.5725 seeing all longs covered. We have pulled back a bit from here but holding up well at lower levels. 1.5637/20 is your support region and whilst we hold above here we can trade higher. You have resistance at 1.5725/45 and again would initially cover longs to here and re-instate over 1.5745.

If we can do this then we are looking at the market coming higher with 1.5770 first with
1.5825 a close second resistance. Now a little bit further out, please remember that as we held 1.5300 the target became 1.6000 again, so this really is a case of buying into short term weakness for this slightly longer term target.

Support remains at 1.5635/25. If we lose this support we should look for the market to come a little lower with 1.5587 then the targeted area.

Eur/Gbp had an inside day on Friday so we do remain unchanged in our view of this market. We are holding short term support and we should be able to make our way towards 8390/8400.

Now 8400 is good resistance, so buyers are safer to buy a break of 8420. A break of this resistance would confirm strength and leave us wide open for a move higher with 8531/34 then looking likely over this coming week.

Support is at 8330/8310 and we would still advise buying into weakness to these lower levels unless we lose 8300.

 

[CharmerCharts]

GBP failed to hold over 1.5620 and this had a knock on effect..taking us lower for 1.5537. We have held this point overnight and we can extend the decline down to 1.5525 and still be in quite positive territory.

However care is needed as a break of 1.5525 would then be quite negative for this mar-
ket and losses through to 1.5480/70 would follow quite quickly. Buyers are expected here and sellers would then be advised to cover all short positions. Sellers however will quickly grab back power if 1.5470 is lost. Buyers will spin positions around and we would then be looking at 1.5420/1.5400 before buyers would show their faces.

To ease further downward pressure we need to claw back above 1.5620. If we can do
this then we are looking at 1.5685 then 1.5725 once more.

Eur/Usd stayed basically within the defined parameters yesterday, thus leaving the immediate outlook unchanged. Initial support is at 1.3045/35. Sellers should cover to these lower levels. Buyers will be expected, but again they will not hold a loss of 1.3020.
If we lose 1.3030 expect further declines with 1.2920 then the outside support area that will entice. Here buyers are expected once more and we should hold this area.

Above 1.3120 and buyers may well gain confidence and post gains then towards 1.3185/95. The buyers are expected to cover all longs to here. They will only re-instate longs above 1.32.

Eur/Gbp is still edging higher, but is encountering resistance and the 60min charts show us stuck trying to break through 8410.

Buyers are safer to buy a break of 8420. A break of this resistance would confirm strength and leave us wide open for a move higher with 8531/34 then looking likely over this coming week.

Support is at 8330/8310 and we would still advise buying into weakness to these lower levels unless we lose 8300.

 

[CharmerCharts]

Eur/Usd held our support as expected and then once past 1.32 buyers came back into the market for 1.3286. Now overnight we have strengthened, and approaching the previous highs of 1.3334.

This region will prove difficult to break therefore buyers are looking to cover and sellers should come out in force and defend this resistance. A double top formation is then posted, and we should be able to ease from these higher levels just to unwind the overbought scenario. 1.32 would be your first objective and sellers should cover. If we lose 1.32 look for 1.3165/45where buyers are expected once more.

If above 1.3365 the D/T would be blitzed and we would then be looking at 1.3410/25 and then onto 1.3440/60.

GBP/USD dipped 1.5525 yesterday, but recovered well and traded higher later in the afternoon reaching 1.5642. Gains have extended this morning and we are looking at our target area of 1.5685 to 1.5725 to be seen quite early in the session.

After we have reached these higher levels we should expected small pullback down to 1.5620/1.5600. Buyers are expected back into the market on weakness to here... although we should use tight stops. If we fail to hold 1.5585 look for weakness to follow with 1.5535/25 then targeted.

Now if we shrugg off short term overbought indicators and break through the 1.5739 resistance we look for further strength with 15770 your first target, with potential for 1.5825.

Eur/Gbp broke 8420 and as stated once we broke through this resistance then we flew higher to 8493, and overnight to 8512. We are easing back currently, but the market has made the break and we should trade towards 8531/34.

Now this was the previous reaction high and as such will offer excellent resistance. Buyers are therefore advised to cover all longs as we should not break this area easily. We are expecting a pullback from these upper levels back to the break out of 8420/8400. Buyers are expected back into the market on these pullbacks and will hold unless below 8400.

If above 8550 we should continue to edge higher for 8585 to 8600/09.

 

[CharmerCharts]

GBP/USD reached our target area of 1.5725 hitting 1.5715. We have eased slightly off these highs and there is a chance of trading lower on a correctionary basis early in the session.

Pullbacks down to 1.5620/1.5600 should follow Buyers are expected back into the market on weakness to here...although we should use tight stops. If we fail to hold 1.5585 look for weakness to follow with 1.5535/25 then targeted.

Now if we break through the 1.5739 resistance we look for further strength with 1.5770
your first target, with potential for 1.5825.

Eur/Usd only paused for a short while ahead of 1.3334 and then blitzed higher coming to
rest at our projected target of 1.3440. Overnight we have eased slightly to allow the overbought conditions to unwind thus leaving scope for another move higher this session.

Eur/Gbp has kept the pressure to the topside and reached 8580 just prior our 8585 target. We are looking overbought currently and as we have reached target we would expect some pullbacks this session.

We have 8534/31 and a break of 8530 would see us come back further with 8492 then targeted. Buyers may well enter here looking for a continuation of the upward trend, with 8580/85 once more targeted.

Only a loss of 8480 sees further correction with 8455/50 then seen as the short term objective. 1.3440/60 remains short term objective. If we can clear 1.3460 then expect further strength to emerge with 1.3510/25 then 1.3557/60 the objective. Now if we stall at 1.3440 there would be good chance of us trading lower down to the break point of 1.3360 and also 1.3334. Now this support will offer buyers a chance to re-enter the market and buyers would hold unless we lose 1,3310. A loss of this level sees us come lower for 1.3270/65 where once more buyers are expected.

 

[CharmerCharts]

Charmer Charts daily forcast:

GBP/USD once more fulfilled expectation, easing back to target area of 1.5620/5600 before buyers came back into the market and drove us higher later in the day, to target again of 1.5739 with us reaching 1.5741.

Currently we have a double top on the charts and this needs to be watched closely. So the safest way to trade this session is to either buy dips to 1.5620/1.5600, keeping stops below 1.5585. Or we can look to instate very small shorts to 1.5725/35,keeping stops again tight above 1.5750. If we can bust the 1.5750 resistance then the D/T pattern has been negated and we should then be able to take the market higher for 1.5825 then onto 1.5840/60. A loss of 1.5585 puts a slightly weaker slant on the proceedings and leaves us with 1.5535/25 as the short term objective. If we lose 1.5505 look for 1.5480/70.

Eur/Usd faltered at 1.3413, and therefore we have a small topping pattern evident on the daily and 60min charts and already we have seen overnight moves lower to 1.3287. If we stall at 1.3360 we should expect further downward moves early in the session to ease overbought conditions evident on the daily charts.

1.3265/60 offers support from med term fib level, and you may well find buyers coming in at these lower levels looking to keep the Euro stable. However if entering long positions please keep tight stops as a break of 1.3255 will have further negative implications leading us lower for 1.3220/15 then possibly 1.3195/85 before we pick up once more. Now above 1.3360 does make this look a little more positive, but we have this 1.3415 to 1.3440 resistance still lurking in the background and therefore we would cover longs and only go back into the market if we can break above 1.3460 for 1.3510/25 then 1.3560.

Eur/Gbp is struggling a bit now, and with both the med and 60min charts calling for weakness we are very cautious for the buyers. We need to break and hold above 8540 to take downward pressure off. Both the med term and 60min charts are calling for weakness and we would agree with this scenario and therefore look to sell rallies unless above 8540.

8483 is support, but below here keeps the pressure to the downside and leads us lower for 8455./50 where would cover initially. Re-sell a break below 8450 as this would weaken the euro further leaving 8429/8400 then targeted.

 

[CharmerCharts]

Today's CharmerCharts.com Forex forecast (available from 7am):

GBP/USD reacted perfectly on Friday coming up to our target area of 1.5840. Now currently we have double topped on the charts at this 1.5843 level and therefore we would be looking to take profits at these higher levels and only worrying about shorts if we break the 1.5860 level.
We should pullback to 1.5790/70 and from here we would expect buyers to come forth
and support the market. However any buyers should liquidate longs if we lose 1.5770.
A loss through here sees this retreat further with 1.5740/25 then targeted. Once more
expect buyers to come back into the market unless we lose 1.5715.
So we have resistance at 1.5840/60. If we bust above 1.5760 we are looking then for the market to move higher with 1.5940 then immediate target. Now please bear in mind
that a break of 1.5860 does leave 1.6000 targeted for the rest of this week.

EUR/USD
Eur/Usd held the lows posted on Friday and came screeching higher to 1.3495. Now currently we haven't been able to break above this area and we are seeing a small correction.
We have held the first short term fib level of 1.3443 and if we can still hold this support we can move higher once more. Obviously we need to break 1.35 to take off the pressure of the downside and we should only be long either on dips to 1.3440 or buy a break of 1.35. If we are above 1.35 we should look for 1.3525 initially, with potential for 1.3585/90.
Now if we lose 1.3440 there is scope for another leg lower to 1.3415/13. Buyers are expected to come back into the market at these lower levels and they will hold unless we
break 1.34.

 

[CharmerCharts]

Reports available from 6.30am

EUR/USD
Eur/Usd will be under pressure today unless we can break above 1.3525. If we fail to break through this significant resistance we are looking at the market coming lower back to 1.3425/10 and possibly the 1.3360 level.
Buyers will try and defend 1.3425/10 but they will quickly reverse if we lose 1.3410. A loss through this support is expected to see sellers come back into the market and they will be looking to drive this lower for 1.3360. This is excellent support and buyers should be waiting here to defend this region.
Now the other sign of the coin is a break above 1.3525. If buyers can manage this we are looking at the market coming sharply higher with 1.3585/90 then first objective, with greater potential for 1.3610/25.

GBP did break 1.5860 yesterday by 7 pips, and then sellers came back into the market
and are currently driving us lower.
We should pullback to 1.5790/70 and from here we would expect buyers to come forth
and support the market. However any buyers should liquidate longs if we lose 1.5770.
A loss through here sees this retreat further with 1.5740/25 then targeted. Once more
expect buyers to come back into the market unless we lose 1.5715. If we cannot hold
1.5715 look for further weakness to ensue with 1.5685 then targeted.
So we have resistance at 1.5840/60. If we bust above 1.5770we are looking for the market to move higher with 1.5940 then immediate target. Now please bear in mind that a break of 1.5860 does leave 1.6000 targeted for the rest of this week.

EUR/GBP
Eur/Gbp had a small trading range yesterday thus leaving the outlook unchanged. The
market is trading slightly sideways now, and we need to break higher quite quickly to take us out of this sideways band.
We need to break and hold above 8540 to take downward pressure off. Both the med term and 60min charts are calling for weakness and we would agree with this scenario and therefore look to sell rallies unless above 8540.
8492/83 is support, but below here keeps the pressure to the downside and leads us lower for 8455./50 where would cover initially. Re-sell a break below 8450 as this would weaken the euro further leaving 8429/8400 then targeted.

 

[CharmerCharts]

Our forecasts are available from 6am, UK time.

EUR/USD

Eur/Usd was very quiet yesterday with the range of 1.3566 to 1.3646 with most of the action contained with a narrow range. The short term charts have unwound the overbought scenario and we are seeing oversold indicators on these 60min charts which should help to buoy the market for today.

The buyers do seem to be in control, but we need to make a break now above the 1.3625 level and stay there. If we can do that then we are in a better position to break the 1.3646 resistance and run up to 1.3695 possibly 1.3710. On rallies to these higher levels we look to cover all longs. Only above 1.3710 would buyers look to go back in once more. Failure to break and hold above 1.3625 does leave this looking slightly more weaker with 1.3660/58 once more looking to entice. Buyers are expected here and they will hold unless we lose 1.3550. If this occurs 1.3535 5o 1.3510 will entice but this should then be the base.

GBP/USD was very quiet, leaving the outlook unchanged for this session. We have held onto good support in the 1.5770 area and trading above 15840 which should lead us higher to 1.5860 and beyond.

1.5895 comes back in the frame and if we can break this we should look for 1.5940. This area may well limit the initial rise, but declines look to be correctionary and we should then be able to break higher and attain target of 1.60.

Now if we lose 1.5770 we are looking to come back to the 1.5725 region. Buyers are expected here and they will only reverse longs if 1.5700 is lost.

 

[CharmerCharts]

Today's Charmer Charts forecast:

GBP/USD made strong gains after Thursdays reversal day and we came higher to 1.5873 before edging back to the short term 50% fib of 1.5770. This will again offer support today. We do need to break higher above 1.5840 to once more ease the downward pressure and once we can do this we should be able to reach the 1.5873/95 resistance. If we can achieve this buyers should really look to cover to here. You may well find the sellers lurking on these higher levels and it really is if we can clear 1.5925 where buyers would once more come back into the market. We have small resistance at 1.5940 and if we can clear this we are looking at the 1.5975/1.6015 resistance which is expected to hold. As stated support is at 1.5770. If we lose this support all longs are to be reversed as this would trigger a move lower with 1.5725 then the short term objective.

EUR/USD did break higher on Friday and overnight we have seen rallies to 1.3808. We have made a small double top on the charts now on the 60min and this may well see us correct back a little further. Currently we have held above the 25% fib level of 1.3740 and it is only a move below here where we would see the market come back a little further with 1.3725 to 1.3710 then targeted.

Buyers should come in at these lower levels and we should look to buy and only reverse if we lose 1.3695. If we lose this support we are looking at further corrective pressure to 1.3625/10,which is the daily pivot point. However as stated all the while we can hold above 1.3740 we are looking good and we are expecting Europe to take this and move us higher once more with 1.3805/20 the immediate target. If we can clear 1.3820 we look for 1.3855/60.

 

[CharmerCharts]

Today's Charmercharts.com forecastS (available from 6am)

Eur/Usd failed to break the Double Top pattern evident on the 60min charts at 1.3808 although we came close failure saw the sellers take back control and they drove the market lower through to overnight lows of 1.3638. Now we have seen a small bounce off this region, but we have a lot of work to do if we are going to continue to make gains, and the daily charts are against us with severe overbought conditions so it is going to be a hard task today to break higher.

Safer therefore to sell into strength at this point and we would look for 1.3740 to hold the topside. You can sell here, keeping stops then above 1.3760. Losses should then follow back to at least the overnight lows and possibly down to 1.3625/10. Here sellers are advised to cover all shorts. They should re-sell through 1.3610 as we are left then with 1.3585 to 1.3558 targeted. If we break 1.3760 we are looking limited to 1.3795/1.3800. Sell here, stops above 1.3820.

GBP/usd tried again to break the 1.5870 region and failed, therefore pushing us lower through to 1.5745. we are getting mixed signals at the moment, and this is making intra day trading slightly harder...However I do think that we have the potential to have one last thrust higher towards the 1.60 area before we fail completely.

Now we may well have to trade lower before this is achieved, so we look for any pullback towards the 1.5620/10 region before serious buyers come back into the market. However shorter term, we have support at 1.5745. If we lose this we should look for 1.5725. Buyers may well come back for a it, but they will not hold if 1.5720 breaks. If this happens we look for 1.5670/60 as your immediate target.

Resistance has been good at 1.5840/45. If we do break this barrier we look for 1.5870/75. then 1.5920. Buyers are likely to cover here and go back in over 1.5940 for 1.5999.

 

[CharmerCharts]

Charmercharts.com daily technical analysis forecast:

Eur/Usd blitzed higher after holding our support at 1.3635, reaching 1.3638. Once we broke the 1.3760 resistance we traded sharply higher and we came past 1.3820 for 1.3859 which was our next targeted resistance. We are heading at a great rate of knots towards the weekly 61.8% fib level of 1.3895, with the 200week moving average coming in at 1.3917. So we are going to struggle here initially. It is unlikely to break easily and therefore buyers are advised to cover all long positions. If you want to go short, this would be the place to do it...The stops are quite tight, therefore limiting your risk.....If we break 1.3940 we are out of any short positions and long again for the 1.4000/1.4010 region.

Now if we cannot break 1.3855/60 early in the session we are looking at the market coming lower with 1.3760/40 the immediate targeted area. If we lose 1.3740 we are looking for 1.3710 to 1.3695 and this is where buyers should come back into the market.

GBP/USD reacted well yesterday, holding our support level of 1.5745, at 1.5752 and blitzing higher, taking out 1.5875 for 1.5930. Now this region may make us stall a little and we may well have attained virtually the 1.60 level. Any shorts are to guarded today and if we move above 1.5940 shorts are to be reversed as we are looking then at the market coming higher for 1.5990/1.6015. Here we are covering shorts. We would be tempted to sell these higher levels as well, keeping extremely tight stops as a break of 1.6020 sees us off and running once more for 1.6050/80 initially.

 

[daviddwilson]

Eur/Usd held up well yesterday and came higher for 1.3117. we have extended the move overnight and therefore we should expect the market to come higher towards the 1.3185/95 resistance.

You may well see some slight selling pressure here from profit taking and industrious sellers hoping for a small correction. Correction would be looking likely to be held by 1.3035 to 1.2999. Buyers would be expected back into the market on these lower levels. Now if we break 1.3200 we are looking then at the market coming higher once more for 1.3265/70 then onto 1.3334.

GBP has virtually reached our target area. If you are still holding longs remember that
you should cover to1.5725/39 and you can always go back into the market if we break
1.5745.

If we can do this then we are looking at the market coming higher with 1.5770 first with
1.5825 a close second resistance. Now a little bit further out, please remember that as we held 1.5300 the target became 1.6000 again, so this really is a case of buying into short term weakness for this slightly longer term target.

Pullbacks from current levels are expected to the first med term fib of 1.5587, and this
is where you would want to re-enter long positions.

Eur/Gbp stayed within defined parameters yesterday, so quite easy picking for traders. As we have bounced from 8300again and closed quite high there would be more incentive for the buyers.

Now 8400is good resistance, so buyers are safer to buy a break of 8420. A break of this resistance would confirm strength and leave us wide open for a move higher with 8531/34 then looking likely over the next week.

If we struggle at 8400/8420 then we should be able to see a small pullback to 8360 area. If we lose this support then buyers should abort longs as sellers will try and take us lower for 8310/00 where once more buyers are expected.

Now 8400 is good resistance, so buyers are safer to buy a break of 8420. A break of this resistance would confirm strength and leave us wide open for a move higher with 8531/34 then looking likely over this coming week.

 

[CharmerCharts]

CHARMERCHARTS.COM forecasts:

EUR/USD - still failing on the topside and this leaves us under pressure for today. Now resistance is at 1.3980 then up to 1.4030. If we cannot break through this barrier early in the session we are looking for the market to come lower with 1.3895 to 1.3855 once more the targeted area.

Today if we lose 1.3855 we would see sellers come back into the market and they will be looking for this to come lower possibly back to 1.3760/40. Buyers would be sniffing around here, therefore we are looking to cover any short positions. Buyers will not hold below 1.3740.

Now if we do break above 1.4030 it would bust the topping pattern and see us higher for 1.4090 then 1.4140/60 where again we would look to cover longs.

GBP/USD failed to do any damage topside on Friday and again we are looking under pressure with 1.5845/40 to 1.5829 looking to entice. Sellers are advised to cover all short positions to here. Buyers may well appear but they will be wary. If we cannot hold 1.5820 sellers once more are back in the market and they are looking for further weakness to follow with 1.5770 to 1.5745 then the likely target. We would cover all shorts to these lower levels and attempt small longs. However do not hold if we break the 1.5725 support.

Now the topside... we have achieved 1.6015, extending to 1.6018 on Thursday. If buyers can take the market slightly higher back towards this region cover all longs. Sellers will be waiting and they will only reverse if we break the 1.6025 barrier. We would then see 1.6080 then 1.6175/80 quite quickly.