In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the July 1st session.
EUR/USD — We fell a bit and then bounced to form a hammer. I still think this previous uptrend line is going to act as resistance. Also, we have resistance at 1.11. So we have to wait and see, if we can break this uptrend line to the upside and aim for 1.1350. On the other hand, if we breakdown below the bottom of the hammer, that is a very negative sign. I think ultimately this market is going to have a lot of negativity in it. And there exists so much in the way of uncertainty.
GBP/USD — The pound did fall and it continues to basically bang around in this general consolidation area. And therefore it looks as if we are simply going to go back and forth between the 1.35 level on the top and 1.32 on the bottom. I think short-term rallies are selling opportunities. I do think eventually we will break down, but not quite ready to do so yet.
© Prabhu for Forex Videos, 2016. |
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