FX Technical Analysis

Daily Forex Technicals | Written by Mizuho Corporate Bank
EURUSD
Comment: Little to add as we continue to consolidate at the upper edge of the range that has held since late May. The Euro is no longer overbought and momentum is bullish, and with a little luck the step up in the top of the Ichimoku 'cloud' might lead to a test and break higher.Strategy: Attempt small longs at 1.4325; stop below 1.4170. Short term target 1.4350, then 1.4445 Direction of Trade: → Chart Levels:
Support Resistance
1.4300 " 1.4337
1.4236 1.4379
1.4191 1.4407
1.4177* 1.4448**
1.4100* 1.45
GBPUSD
Comment: Maybe too much to hope for but the lower edge of a thin Ichimoku 'cloud' has managed to nudge Cable higher.Strategy: Attempt small longs at 1.6380; stop below 1.6175. First target 1.6414/1.6445, then 1.6600.Direction of Trade: → Chart Levels:
Support Resistance
1.6364 " 1.6419
1.6275 1.6445
1.6237 1.65
1.615 1.658
1.6100* 1.6665