Technical Analyst, Saxo Bank
Summary: EURUSD likely to test 1.0950 resistance
GBPUSD minor resistance at 1.2445 but could move to 1.27
Dollar Index could drop to 103
EURUSD broke yesterday resistance at 1.0762 with a bang. Closing above the 1.0762 is confirming the short-term uptrend.
Trading above the 100 and DMAs there is no resistance until around 1.0945 close to the 0.618 retracement at 1.0956.
One should expect a couple of days with minor setback before testing 1.0945 resistance level
Positive sentiment on RSI and no divergence is indicating higher levels in EURUSD
For EURUSD to reverse the uptrend a close below 1.0655 is needed
GBPUSD yesterday broke and closed above key resistance at around 1.2445. Minor resistance at around 1.2546 but with the Positive sentiment on RSI and no divergence a bullish move to the 0.618 retracement at 1.2720 and the strong resistance at around 1.2746 is in the cards
A minor setback down to around 1.24 could be seen but uptrend is in place short-term
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