In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the July 15th session.
EUR/USD — We tried to rally initially during the day, but turned right back around to form a shooting star candlestick on Thursday, I think we continue to consolidate basically between the 1.12 and 1.10 levels with a negative bias. So, I like selling short-term selling rallies. I think that eventually all of the chaos in Europe — the Italian banks, UK voting to leave and GDP concerns in Spain and Portugal will continue to weigh upon the euro over the longer term. We have a target to the downside towards 1.05, although I do recognize going to take quite a bit of work to get down to get there.
GBP/USD — The pound had a very positive day slamming into the 1.35 level and turning right back around. This is an area that has been massively resistance. There is a huge gap here. So, any signs of exhaustion should be selling opportunities and you should find those on short-term charts. I have no interest in buying until we clear this gap and I don’t think that is going to happen right away. So, at this point in time, rallies that show signs of exhaustion could be selling opportunities.
© Prabhu for Forex Videos, 2016. |
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Post tags: EUR/USD, GBP/USD, technical analysis
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