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Majors hourly perspective

Posted on August 3, 2009 at 13:34 in Short-Term Analysis by Valeria Bednarik

EUR/USD Current price: 1.4314

Still mounted on positive sentiment and despite German fall in Retail Sales, pair settles above the 1.4300 level ahead of Wall Street opening. Hourly charts show weak momentum thus pair still has room to go. Capped by the year high at 1.4337, break above that level could confirm some upside acceleration, as bigger time frames support further raises in the pair. 20 SMA under current price and with bullish slope, should also support the continuation.

Support levels: 1.4375 1.4240 1.4200

Resistance levels 1.4335 1.4365 1.4410
GBP/USD Current price: 1.6842

As expected, pair continued gaining after breaking above previous year high at 1.6742, now corrective support target. Hourly charts show some bearish divergences, suggesting some corrective movements before a new leg to the upside; bigger time frames also present bearish divergences so, as long as daily high at 1.6880 remain intact, chances of a corrective movement increase.

You can see the full report with charts, following this link:

http://www.fxstreet.com/technical/analysis-reports/currency-majors-technical-perspective/2009-08-03.v02.html

Tags: Majors

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