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Daily Technical view July 20th
[FONT=Verdana][SIZE=2][COLOR=#000000]EUR/USD Technical View[/COLOR][/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=#000000] After the outside bar formed on Wednesday we had an inside bar yesterday and at the moment the price appears to break the low of this inside bar at 1.3788. We are in the very same situation as the day before so we maintain our view about future price development in respect to the support and resistance levels. U[COLOR=#000000]ntil we see a break above 1.3810/30 one can't be sure about the trend continuation, if price does break the above mentioned resistance the next bullish target might be the 1.3900 round number and on a longer term the 1.4000. Conversely a failure of breaking new highs in the following days will start to put downside pressure on the pair as bears will open up new trades, with that in mind bellow 1.3800 closest support level we can spot is the 1.3750 round number which if breached will give us a sign that a bigger move south might happen; lower down we have a previous resistance area now turned into strong support at 1.3660/80, this is the main mid-term bearish target, and if the pair gets that low it will put up a fight, if Euro doesn't find any decent support at 1.3660/80 it will more than likely sink towards the 1.3550/60 which is another significant support area. [/COLOR][/COLOR][/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=#000000] [/COLOR][/SIZE][/FONT][FONT=Verdana][SIZE=2] [/SIZE][/FONT] [FONT=Verdana][SIZE=2]Resistance Levels[/SIZE][/FONT] [LIST] [*][FONT=Verdana][SIZE=2]1.3830 – July 18th High[/SIZE][/FONT] [*][FONT=Verdana][SIZE=2]1.3750 – round number [/SIZE][/FONT] [/LIST] [FONT=Verdana][SIZE=2] Support Levels [/SIZE][/FONT] [LIST] [*][FONT=Verdana][SIZE=2]1.3680 – April 27th High [/SIZE][/FONT] [*][FONT=Verdana][SIZE=2]1.3550 – June 5th High[/SIZE][/FONT] [*][FONT=Verdana][SIZE=2]1.3459 – May 10th/11th Low[/SIZE][/FONT] [*][FONT=Verdana][SIZE=2]1.3365 – December 3rd High [/SIZE][/FONT][/LIST] [FONT=Verdana][SIZE=2] [/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=#000000]GbpUsd Technical View[/COLOR][/SIZE][/FONT] [FONT=Verdana][SIZE=2] [/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=#000000] [/COLOR][/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=#000000] Cable formed a down bar on the daily charts, with the high and low inside the previous day's range, so a break outside of that range might indicate a more energetic move either above 2.0540 or bellow 2.0470. A break towards the high will open up 2.0600 as a bull target while making new record highs. Conversely a break to the downside will start to put pressure on the pair and will bring into attention former resistance levels now turned into support, closest one being the 2.0370 area followed by the 2.0300 round number, if both of them fail to hold the pair above we have the 2.0200 which proved to be a tough resistance and should do the same as a support level. The daily charts are forming a bearish divergence so we need to be extra careful is assessing the situation and opening new trades. [/COLOR][/SIZE][/FONT] [FONT=Verdana][SIZE=2][COLOR=#000000]Resistance Levels[/COLOR][/SIZE][/FONT] [LIST] [*][FONT=Verdana][SIZE=2]2.0600- round number[/SIZE][/FONT] [*][FONT=Verdana][SIZE=2]2.0550 – round number[/SIZE][/FONT] [/LIST] [FONT=Verdana][SIZE=2] Support Levels[/SIZE][/FONT] [LIST] [*][FONT=Verdana][SIZE=2]2.0360 – July 11high[/SIZE][/FONT] [*][FONT=Verdana][SIZE=2]2.0200 – Round number [/SIZE][/FONT] [*][FONT=Verdana][SIZE=2]2.0133 – April 18th High [/SIZE][/FONT] [*][FONT=Verdana][SIZE=2]2.0060/70 – April 25th High [/SIZE][/FONT] [/LIST]