Forex Technical Updates
EUR/USD 1H chart 8/5/2013 4:00AM ET
(click to enlarge)
Bullish vs. 1.33: EUR/USD ended last week rallying to 1.3290 on the back of USD-weakness that followed the poor US NFP report on Friday. As we get into the 8/5 European session, the EUR/USD appears to be on the move again, pushing to a new high, but still struggling against the 1.33 handle. A break above 1.33 should open up the 1.3343 high, and suggest the market is in bullish continuation. Above 1.3343, we have the 1.34-1.3415 resistance area in sight. At this point, only a retreat below 1.3260 should neutralize the slightly bullish outlook.
GBP/USD 1H chart 8/5/2013 4:10AM ET
(click to enlarge)
1.53 cracked: GBP/USD ended last week laying the initial cracks at the 1.53 handle after the NFP-reaction. It is starting this Monday European session pushing to a new high above 1.53, with the 1.5433, July high in sight. The 1H RSI shows more bullish momentum in GBP/USD than the EUR/USD. At this point a break below 1.5260 will be needed to neutralize the bullish outlook in cable, though we might anticipate some intra-session resistance around 1.5350 as the 1H RSI shows overbought condition in the near-term as well.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
Originally Published on FX Times
EUR/USD 1H chart 8/5/2013 4:00AM ET
(click to enlarge)
Bullish vs. 1.33: EUR/USD ended last week rallying to 1.3290 on the back of USD-weakness that followed the poor US NFP report on Friday. As we get into the 8/5 European session, the EUR/USD appears to be on the move again, pushing to a new high, but still struggling against the 1.33 handle. A break above 1.33 should open up the 1.3343 high, and suggest the market is in bullish continuation. Above 1.3343, we have the 1.34-1.3415 resistance area in sight. At this point, only a retreat below 1.3260 should neutralize the slightly bullish outlook.
GBP/USD 1H chart 8/5/2013 4:10AM ET
(click to enlarge)
1.53 cracked: GBP/USD ended last week laying the initial cracks at the 1.53 handle after the NFP-reaction. It is starting this Monday European session pushing to a new high above 1.53, with the 1.5433, July high in sight. The 1H RSI shows more bullish momentum in GBP/USD than the EUR/USD. At this point a break below 1.5260 will be needed to neutralize the bullish outlook in cable, though we might anticipate some intra-session resistance around 1.5350 as the 1H RSI shows overbought condition in the near-term as well.
Fan Yang CMT is a forex trader, analyst, educator and Chief Technical Strategist for FXTimes – provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.
Originally Published on FX Times
by InformedTrades via InformedTrades
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