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EUR/USD: Will the key support at 1.3105 hold?
• EUR/USD is testing its key support at 1.3105 (06/09/2013 low). Will today’s ECB meeting be
able to push prices lower? Hourly resistances stand at 1.3221 (28/08/2014 high) and 1.3297 (22/08/2014 high). Another support is given by the psychological threshold at 1.3000.
• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. A
long-term decline towards the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low) is favoured. However, in the shorter term, monitor the test of the key support at 1.3105 (06/09/2013 low) given the general oversold conditions. A key resistance lies at 1.3444 (28/07/2014 high).
GBP/USD: Challenging the key support at 1.6460
• GBP/USD continues to challenge its key support at 1.6460. The current lack of bounce
indicates persistent short-term selling pressures. Hourly resistances stand at 1.6563 (29/08/2014 low) and 1.6644 (01/09/2014 high).
• 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. Key supports stand at 1.6460 (24/03/2014 low) and 1.6220 (17/12/2013 low).