EUR/USD - Technical Report
The pair has moved sharply to the downside, as it failed to maintain levels above 161.8% Fibonacci projection of the above seen wave at 1.0825. All eyes should be on the price behavior around 200% level at 1.0650, which could offer some kind of support to EURO over intraday basis.
In the interim, signs of drawing a positive divergence on MACD traditional could be the reason why we won’t short the pair today despite the strong negativity witnessed this week. To recap, we remain neutral until the pair breaches 1.0650 to short or responds to the positive divergence on MACD to long it.
GBP/USD - Technical Report
The GBP/USD pair is still trapped within sideways range with support at 1.5025 and ceiling at 1.5140 over intraday basis. Moving above Linear Regression indicator in addition to bouncing off of 1.5140 twice could bring a corrective upside wave; however, we will wait until the pair breaches through 1.5140 to chase this awaited wave. On the downside, coming beneath 1.5025 will negate the correction opportunity and will open the door towards January 23 lows placed in the 1.4960 territories.
