Marshall Gittler
Trading Analysis
EUR/USD
- EUR/USD achieved a significant break above the psychological level of 1.3300 (yesterday’s resistance). This morning the pair is trading slightly above that level and since the longs managed to drive the price above it, they might target the next critical resistance at 1.3400 (R1). The rate remains above both the 20- and 200-period moving averages and alongside with MACD’s positive indications, the indicators favor a further upward movement.
Support: Support is found at the psychological 1.3300 (S1) level, followed by 1.3239 (S2) and 1.3188 (S3)
Resistance: Resistance levels are the psychological round number of 1.3400 (R1), followed by 1.3448 (R2) and the1.3517 (R3) (daily chart).
EUR/JPY
EUR/JPY moved noticeably lower, after finding resistance at the 133.35 (R1) level, near the channel’s upper boundary. Currently the pair is testing the 132.42 (S1) support which coincides with the 20-period moving average. In my opinion the downward pullback might continue since both the RSI and the MACD oscillators are signaling weakness. The RSI exited its overbought area and is pointing downwards, while the MACD lies in a positive area but below its trigger line. However, the overall trend is considered to be an uptrend, since the rate is still trading within the blue uptrend channel.
Support: Support levels are at 132.42 (S1), followed by 131.43 (S2) and 130.51 (S3).
Resistance: The only resistance identified on the short-term horizon is at 133.35 (R1), followed by 133.74 (R2) and 134.23 (R3), found from the weekly chart.
GBP/USD
GBP/USD moved significantly higher during European trading yesterday, breaking above the 1.5752 level (yesterday’s resistance) which was last seen on the 17th of June. This morning the pair is ready to test the 1.5840 (R1) hurdle, where a clear break should target the 1.5892 (R2) and probably the psychological 1.6000 (R3) next. The MACD oscillator continues to accelerate in bullish territory, lying above its trigger, adding significance to the positive picture.
Support: Support levels are identified at 1.5752 (S1), 1.5674 (S2) and 1.5568 (S3) respectively.
Resistance: Resistance found at the levels of 1.5840 (R1), 1.5892 (R2) and 1.6000 (R3), the latter two found from the daily chart.
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