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Here is the hourly perspective for both crosses. No doubts, uncertainty rules after the worst than expected U.S. data. Stocks are fighting to remain in positive territory. If hold, both corsses will likely regain teh upside; if not, expect some downside strong corrections.
EUR/USD Current price: 1.4300
Strong risk appetite send the pair to test 1.4320 area, yet negative U.S. reports halted the rally, sending U.S. futures quickly down and pair back to 1.4280. Technically, pair remains bullish thus overbought in the hourly, suggesting a probable continuation to the 1.4360 area later in the day. Corrective movements should remain capped at the 1.4270/80 mentioned level; if above, 1.4240 will be key.
Support levels: 1.4275 1.4240 1.4200 Resistance levels 1.4330 1.4360 1.4400
GBP/USD Current price: 1.6615
Holding above the 1.6600, sentiment keeps the general bias bullish, despite hourly indicators seem exhausted and point for some downside correction, as well as bigger time frames. Break above today’s high, first resistance level to consider, around 1.6670, will send the pair to retest the 1.6720 area. Only under 1.6560 pair could trigger some downside corrections.
Support levels: 1.6600 1.6560 1.6520 Resistance levels: 1.6670 1.6720 1.6780
