EURUSD is trading in a tight range the past few days. EURUSD has been consolidating for the week between levels of 1.3460 to 1.3540, a tight range of approximately 90 pips. The pair is still trading above the resistance trend line set from June 19th, now acts as support. Medium term bias for the pair remains to the upside as long as the pair is above Last Wednesday’s lows at 1.3336. At 09:00 AM GMT today there is a scheduled speech of the ECB President Draghi, which may yield some movements in the pair. Support 1.3460; 1.3430; 1.3385 Resistance 1.3530; 1.3550; 1.3568 SP500 The SP500 closing higher yesterday after closing 5 consecutive days lower. The index is showing weaknesses as it didn’t manage to close near the daily highs posted yesterday at 1703.50. as we mentioned in our previous reviews, Price action might be forming an ascending triangle pattern and we might be in the middle of the fifth wave. Short term bias is to the downside as long as the index stays below 1710 levels, with targets objectives at 1688.34 initially, followed by 1680.74. A move above 1710 would negate our outlook and require reassessment of latest price action. Support 1704; 1710.30; 1719.36 Resistance 1690.45; 1680.70; 1675.29 GBPUSD The cable climbing higher at early European session after closing lower yesterday, retracing some of the gains made a day earlier. We mentioned in our previous analysis that the sentiment in the GBPUSD is bullish and the bias is to the upside as long as we are above Tuesday’s low which are weekly lows as well. Support 1.6131; 1.6150; 1.6178 Resistance 1.6024; 1.5983; 1.5960
Posted on: Mon, 30 Sep 2013 06:30:57 +0000
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