CharmerCharts
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CharmerCharts.com daily forecasts:
EUR/USD - still failing on the topside and this leaves us under pressure for today. We tried to break higher, and the rejection above 1.4000 leaves us with a Double Top on the daily charts and this pattern should not be ignored.
Today if we lose 1.3845 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.
If we bounce from 1.3845 we should expect another thrust higher for 1.3980 to 1.4000. Still sell into strength and only reverse if we break through 1.4030.
GBP failed to do any damage topside 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.
EUR/USD - still failing on the topside and this leaves us under pressure for today. We tried to break higher, and the rejection above 1.4000 leaves us with a Double Top on the daily charts and this pattern should not be ignored.
Today if we lose 1.3845 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.
If we bounce from 1.3845 we should expect another thrust higher for 1.3980 to 1.4000. Still sell into strength and only reverse if we break through 1.4030.
GBP failed to do any damage topside 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.