In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the July 14th session.
EUR/USD — As you can see, the euro initially rallied during the course of the trading session on Wednesday. With that being the case, it looks there is a lot of noise above that could really kind of push this pair down. With this, I think that the 1.12 and 1.10 levels form the band in which we trade. We have broken below this uptrend line and it should now act as resistance. So, an exhaustive candle on a short-term chart is a selling opportunity. I think the European Union situation continues to weigh upon the euro. So, I have no interest in buying at the moment.
GBP/USD — We initially tried to rally and then fell. I think that a breakdown below the bottom of the range should send the market reaching for the 1.30 level. Having said that, there is a lot of noise just below that should offer support now. So, any rally from here should continue to see selling pressure until we break above this gap. I don’t think it is going to happen though.
© Prabhu for Forex Videos, 2016. |
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