Wednesday 23rd September: Technical Outlook and Review
Europe’s shared currency depreciated further against its US counterpart Tuesday, shedding nearly half a percent. Technical studies reveal H4 price retested August’s opening level at 1.1771, then followed through to shake hands with Quasimodo support at 1.1723.
Tuesday 22nd September: Technical Outlook and Review
The US dollar rebounded strongly across the board Monday amid a sharp pick-up in risk aversion, consequently sending EUR/USD decisively south of H4 trend line resistance, extended from the high 1.2010. 1.18 and August’s opening level at 1.1771 on the H4 timeframe came under fire, leaving the path clear for a test of weekly support at 1.1733
Monday 21st September: Weekly Technical Outlook and Review
Europe’s single currency entered an indecisive phase Friday, following Thursday’s move higher, which as we know finished in the shape of a daily hammer candlestick formation.
Friday 18th September: Technical Outlook and Review
Europe’s single currency slipped through several key H4 technical supports Thursday, missing weekly support at 1.1733 by a hair before recoiling back to unchanged levels. H4, as of current price, trades north of 1.18, with technical eyes perhaps directed towards trend line resistance, extended from the high 1.2010.
Thursday 17th September: Technical Outlook and Review
GBP/USD finally mustered enough oomph to overthrow 1.29 on the H4, taking on resistance at 1.2944 (now serving support) and shaking hands with the key figure 1.30. UK CPI data exhibited an upbeat tone, though the obvious catalyst behind the pound’s recent strength was USD softness.
Wednesday 16th September: Technical Outlook and Review
As the DXY closes out Tuesday off worst levels (92.79), EUR/USD on the H4 spun lower from the 1.19 handle in reasonably strong fashion. Above 1.19, September’s opening value is seen at 1.1937; to the downside 1.18 invites an approach. Beyond 1.18, Quasimodo support at 1.1781 is visible, followed by August’s opening level at 1.1771.
Tuesday 15th September: Technical Outlook and Review
Pound sterling emerged strong Monday, aided by a bout of short-covering and USD downside. Leaving 1.27/1.2755 (yellow) unchallenged on the H4 (made up of 1.27, a 61.8% Fibonacci retracement ratio at 1.2718 [green], weekly support at 1.2739 and H4 support at 1.2755), fed by sell-stop liquidity under 1.28, GBP/USD bulls recently entered an offensive phase and shook hands with 1.29.
Monday 14th September: Weekly Technical Outlook and Review
Sterling wrapped up the week erasing nearly 500 pips, its largest one-week loss against the buck since March. Price squeezed out any remaining buyers from the 2020 yearly opening value at 1.3250 and concluded within touching distance of the 2019 yearly opening value at 1.2739, a level that merges closely with trend line resistance-turned support, extended from the high 1.5930.
Friday 11th September: Technical Outlook and Review
Plagued by heightened no-deal Brexit risk, GBP/USD is currently down by 3.5% this week and 1.5% Thursday. Selling from 1.30 is likely on the watchlist for many traders going forward. The fact we have H4 resistance at 1.3009 and daily resistance at 1.3017 located nearby offers healthy confluence to work with, targeting H4 support at 1.2939 as an initial take-profit zone.
