Monday 13th July: Weekly Technical Outlook and Review
Europe’s single currency reclaimed earlier losses Friday, latching onto a healthy bid off 1.1255 to 1.13 against the buck, boosted by US producer prices unexpectedly declining in June.
Friday 10th July: Technical Outlook and Review
EUR/USD, based on the H4 timeframe, chalked up a two-candle fakeout through Quasimodo resistance at 1.1340, reaching highs at 1.1370, and headed marginally south of 1.13 into the European close.
Thursday 9th July: Technical Outlook and Review
Recording its fourth consecutive daily gain Wednesday, GBP/USD attracted fresh buying as the DXY dipped a toe in waters south of 96.50. May’s opening level at 1.2583 and the 1.26 handle caved under pressure on the H4 timeframe, potentially setting the stage for an approach to Quasimodo resistance at 1.2653 and, with a little enthusiasm, the 1.27 handle.
Wednesday 8th July: Technical Outlook and Review
EUR/USD, based on the H4, swung beneath 1.13 to lows at 1.1258, though corrected back to 1.13 and held into the European close. South of 1.13, traders’ crosshairs will likely be fixed on July’s opening level at 1.1235, with a break likely to see price hone in on 1.12.
Tuesday 7th July: Technical Outlook and Review
GBP/USD bulls went on the offensive last week and pencilled in healthy upside. With respect to structure on the weekly timeframe, support resides at 1.2163, a Quasimodo formation
Monday 6th July: Weekly Technical Outlook and Review
The aftermath of Thursday’s upbeat US employment data and declining unemployment rate witnessed the DXY hook a firm bid. This, following a retest at the underside of 1.13 (sited beneath Quasimodo resistance at 1.1340), directed EUR/USD lower, settling around July’s opening level at 1.1235.
Friday 3rd July: Technical Outlook and Review – US Banks Closed in Observance of Independence Day
The aftermath of yesterday’s upbeat US employment data and declining unemployment rate witnessed the DXY hook a firm bid. This, following a retest at the underside of 1.13 on the H4, directed EUR/USD lower, settling 30 pips shy of 1.12 heading into the European close.
Thursday 2nd July: Technical Outlook and Review
The British pound continued to add to gains against the US dollar Wednesday, latching onto a strong grip following the break of the 1.24 handle on the H4 and June’s opening level at 1.2345, as well as trend line resistance, taken from the high 1.2813.
Wednesday 1st July: Technical Outlook and Review
It was a one-sided market as GBP/USD overthrew the 1.23 handle and June’s opening level at 1.2345, structure based on the H4 timeframe. This led to a near-test of 1.24, a level merging with April’s opening level at 1.2395 and two trend line resistances (1.2075/1.2813).
