Daily Technical Strategy On Currencies by FXTechstrategy

EURUSD Eyes Further Downside Pressure

EURUSD faces risk of further move lower following its sell off the past week. Resistance comes in at the 1.1150 where a break will turn risk to the 1.1200 level. A breach above here will target the 1.1250 level. Further up, resistance stands at the 1.1200. Conversely, on the downside, support comes in at 1.1050 level with a violation of there opening the door for further gain towards the 1.1000 level. Further down, resistance lies at the 1.0950 level. A cut through that level will clear the way for a move towards the 1.1900 level. All in all, EURUSD looks for more downside pressure.


GBPUSD Retains Its Broader Weakness

GBPUSD looks to weaken further as it looks to extend its broader downtrend. Support stands at 1.1450 area with a break below that level turning focus to the 1.1400 level. Further down, support lies at the 1.1350 level where a violation will turn focus to the 1.1300 level. Below here will open the door towards the 1.1250 level. On the upside, resistance is located at the 1.1550 with a turn above there allowing for morel strength towards the 1.1600 level. Further out, resistance stands at the 1.1650 level followed by the 1.1700 level. On the whole, GBPUSD faces further downside threats in the new week.