In this video, the Trader Guy looks at the currency pairs, EUR/USD and GBP/USD for the June 29th session.
EUR/USD — It looks as if we did see quite a bit of buying pressure during the session on Tuesday. It makes sense that there was a bit of risk-on rally, kind of a relief rally during the day, but this trendline could be potential trouble. I think that there is simply more pain ahead for the European Union. Right now, a lot of people are focusing on punishing the UK, but the EU did just lose its second largest member. So, at this point in time, I am just looking for an exhaustive candle to sell. The 1.10 level below, of course will be supportive and will cause a lot of noise. But I think we will eventually break down through there.
GBP/USD — We got a bit of a rally as well. It may have to go a little bit higher to fill this gap. But I certainly think we are going to target 1.30 underneath here. So, I am looking to sell exhaustive candles as they present themselves. I have no interest in buying the pound at the moment.
© Prabhu for Forex Videos, 2016. |
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