EUR/USD - Trying to bounce

EUR/USD

 

Trying to bounce.

• EUR/USD has broken the key support at 1.1640 and has moved below the psychological support at 1.1500. As a result, the recent strength is seen as a temporary rebound. Hourly resistances can be found at 1.1649 and 1.1747 (intraday high). An hourly support now lies at 1.1460.
• In the longer term, the break of the strong support area between 1.2043 (24/07/2012 low) and 1.1877 (07/06/2010 low) confirms the underlying bearish trend. The long-term symmetrical triangle favours further significant weakness. Key supports can be found at 1.1000 (psychological support) and 1.0765 (03/09/2003 low), whereas a key resistance stands at 1.2252 (25/12/2014 high).

Await fresh signal.

GBP/USD

 

Fading near the resistance at 1.5274.

• GBP/USD has failed to break the hourly resistance at 1.5274, suggesting a weakening buying intreest. Hourly supports can be found at 1.5075 (16/01/2015 low) and 1.5035. Another hourly resistance lies at 1.5320 (intraday high).
• In the longer term, the technical structure is negative as long as prices remain below the key resistance at 1.5620 (31/12/2014 high). A full retracement of the 2013-2014 rise is expected. A psychological threshold lies at 1.5000, while a strong support stands at 1.4814 (09/07/2013 low).

Await fresh signal.

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