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Technical Update - EURUSD and GBPUSD lower, but how much lower? Find the key levels here
Kim Cramer Larsson
Technical Analyst, Saxo Bank
EURUSD correction is close to testing the 0.618 retracement at 1.0773. Key question: will it stop here and bounce, or will the sell-off continue, pushing EURUSD down to the 0.786 retracement at 1.0726?
The keytop that will be the strength indicator RSI: will it bounce from the 40 threshold or close below?
If closing below, there is a great likelihood EURUSD will drop to 1.0726, possibly lower.
If bouncing off, the positive sentiment would be intact and EURUSD is likely to rebound.
In case we see a rebound, EURUSD is likely to resume a bullish trend. A daily close above 1.0850 will confirm that scenario playing out.
However, EURUSD is currently trading below the declining 55 and 100 moving averages, which is putting a damper on any bullish attempt.
The keytop that will be the strength indicator RSI: will it bounce from the 40 threshold or close below?
If closing below, there is a great likelihood EURUSD will drop to 1.0726, possibly lower.
If bouncing off, the positive sentiment would be intact and EURUSD is likely to rebound.
In case we see a rebound, EURUSD is likely to resume a bullish trend. A daily close above 1.0850 will confirm that scenario playing out.
However, EURUSD is currently trading below the declining 55 and 100 moving averages, which is putting a damper on any bullish attempt.
GBPUSD is, at the time of writing, breaking below the support and 0.618 retracement at around 1.2777.
A daily close below is likely to further fuel the sell-off down to the support and 0.786 retracement at around 1.27.
Similar to EURUSD, the strength indicator RSI will be key: will it bounce from the 40 threshold or close below? If closing below, there is a great likelihood GBPUSD will drop to 1.27, possibly lower to the 1.26 area.
If GBPUSD is closing the day back above 1.2780, a rebound could be seen. A daily close back above 1.2890, a bullish trend has been established.
A daily close below is likely to further fuel the sell-off down to the support and 0.786 retracement at around 1.27.
Similar to EURUSD, the strength indicator RSI will be key: will it bounce from the 40 threshold or close below? If closing below, there is a great likelihood GBPUSD will drop to 1.27, possibly lower to the 1.26 area.
If GBPUSD is closing the day back above 1.2780, a rebound could be seen. A daily close back above 1.2890, a bullish trend has been established.