Swissquote Daily Technical Report: EUR/USD – Trying to bounce


In Swissquote’s Friday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for EUR/USD and GBP/USD. To view and download the entire report, click here (PDF).

EUR/USD: Trying to bounce

• EUR/USD has broken the strong support at 1.3296. The short-term technical structure is
negative as long as prices remain below the hourly resistance at 1.3336 (12/08/2014 low). The initial resistance at 1.3297 (intraday high) is challenged. An hourly support now lies at 1.3242 (21/08/2014 low).

• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. A downside risk is given by 1.3210 (second leg lower after the rebound from 1.3503 to 1.3700). A key support now stands at 1.3105 (06/09/2013 low), whereas a key resistance lies at 1.3444 (28/07/2014 high).eur

GBP/USD: Pausing near the support at 1.6556

• GBP/USD is in a declining trend as long as prices remain below the resistance at 1.6739.
Monitor the support at 1.6556. An initial resistance lies at 1.6679.

• In the longer term, the break of the key support at 1.6693 (29/05/2014 low, see also the 200 day moving average) invalidates the positive outlook caused by the previous 4-year highs. However, the lack of medium-term bearish reversal pattern and the short-term oversold conditions do not call for an outright bearish view. A key support now stands at 1.6460 (24/03/2014 low).

gbp

Swissquote, a member of LeapRate’s Globally Regulated Broker List has the most advanced technology and sufficient liquidity, and its completely transparent foreign exchange trading pattern is unique, which helps ensure its customers trade with the best prices current at the time of the transaction. Swissquote’s financial and economic expert team provides its customers with high-quality technical analysis and research reports every day.

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Swissquote Daily Technical Report: EUR/USD - Trying to bounce

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