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Technical Update - EURUSD testing key resistance. GBPUSD warming up for move higher. Dollar Index testing key support
Kim Cramer Larsson
Technical Analyst, Saxo Bank
EURUSD has broken above resistance at around 1.0635shooting up to just below 1.07. The 55 daily Moving Average (blue declining line) is providing resistance around that level.
RSI is key for further upside in ERUUSD; will it break and close above the 60 threshold or be rejected. First attempt has been rejected.
A close above is likely to push EURUSD higher to the strong resistance and 0.618 retracement at around 1.0765
If EURUSD is failing to break above 1.07 and RSI failing to close above 60, EURUSD is likely to slide back lower.
If RSI is closing below its lower rising trendline (dashed line) we are likely to see EURUSD testing previous lows below 1.05
GBPUSD seems to be warming up for a break higher. Key is whether it can break above 1.2335 for a move to resistance at around 1.2445 or even 1.2545-1.2475
If GBPUSD is sliding back below 1.2085 expect lower levels towards support around 1.1840.
RSI is showing negative sentiment with minor divergence. But an RSI close below its rising (dashed blue) trendline would be a strong indication of the bearish move is resuming
Dollar Index Key strong support at 105.34 is currently being tested. A close below is likely to fuel a swift sell-off down to 104.39 support level which is also around the 0.618 retracement of the last leg up since August.
A close below 104.39 could see the Dollar Index below 104.
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