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Sep 27, 2007

Spotlight: EURUSD & GBPUSD

EURUSD


The momentum on EurUsd has clearly slowed down, the pair is trading around the same levels for two days now, although it moved a couple of points above the 1.4160 high and now we have the 1.4163 level as the highest point on our charts. There is still time for the pair to reach the 1.4200 level this week, a level which at the moment is both a significant bullish target and the closest resistance we can spot on the charts. As far as possible support level are concerned, closest one is yesterday's low at 1.4060, if the pair enters into a consolidation period that is the level to watch, if we stay above it the bullish trend is still safe; the next support level is the 1.3930 followed by the 1.3850 area, both of them are viable targets for a bigger retracement or even a trend reversal at this point.

Resistance Levels

* 1.4200- round number

Support Levels

* 1.3930- September 13th high
* 1.3850- July 24th High
* 1.3680- April 27th High
* 1.3550- June 5th High
* 1.3365- December 3rd High
* 1.3260- June 13th Low

EURUSD Daily Chart




GBPUSD

After amove down in yesterday's early trading hours the pair has started to move up in the second part of the day and has continued to do so today, it moved above the 2.0200 level and we just have to see if it has enough strength to stay above that or perhaps move even further north. In order for us to reconsider our position and start talking about a trend forming cable needs to push higher and aim at first at the 2.0365 resistance level, once there if there is enough momentum to break above the next bullish target is the 2.0460 double top from early August. Conversely a failure to maintain above 2.0200 will shift focus towards the 2.0100 mid range level and if it manages to break even lower one could expect the move to continue at least to the 2.0000 round number if not lower towards the 1.9900 area which is last weeks low and also a strong support zone.

Resistance Levels

* 2.0650- July 24th High
* 2.0460- August 3rd High
* 2.0365- September 12th High
* 2.0200- Round number

Support Levels

* 2.0000- Round number
* 1.9670- May 21st low
* 1.9550- previously tested support

GBPUSD Daily Chart








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