In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the July 13th session.
EUR/USD — We initially tried to rally during the course of the day. We turned right back around to form a shooting star and the 1.12 level above is essentially the ceiling. It is not until we get above the previous uptrend line, we could go much higher. At this point, I think the 1.10 level below could give way and we could go lower. As there are a lot of problems in the European Union and the dollar of course is a bit of safety currency. So, every time we rally, I think selling will probably ensue.
GBP/USD — We skyrocketed during the day, but we are starting to reach a region of noise. Above the 1.35 level, there is a gap that is going to continue to keep this market lower. Any rally at this point in time, that shows signs of exhaustion, I am more than willing to start selling again.
© Prabhu for Forex Videos, 2016. |
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Post tags: EUR/USD, GBP/USD, technical analysis
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