Weekly Top-Down Technical Analyses

EURUSD Weekly Technical Outlook

Last week, the EURUSD market operation on the weekly time frame broke down a minor area of consolidation to bear southwards. However, we may not see much southward follow-through drive as the next technical area of bullish challenge is just a few pips southward, which is at the 1.13940 longer-term horizontal support area.

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On Friday, the EURUSD price action on the daily time frame turned sideways at the 1.14795 intra-day horizontal support after a bearish retest. Technically, we may still see further southward price action. But this may be short lived as the price action is presently located just a few pips above the 1.13940 longer-term horizontal support area.

Attached Image (click to enlarge)

Although the EURUSD price action on the H4 time frame made a bullish pullback to retest the 1.14795 intra-day horizontal resistance, the prevailing technical impulse favours bears more than bulls. So, we may still see southward price action in the early part of this week. But this may be short lived as, presently, the price action is just a few pips above the 1.13940 horizontal support.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

GBPUSD Weekly Technical Outlook

Last week, the GBPUSD market operation on the weekly time frame broke down a minor area of consolidation to bear southwards. Presently, the market operation is tackling the 1.32020 horizontal support area. This technically may see some bullish challenge to further bearish momentum. Also, we may not see much southward follow-through drive as the next technical area of bullish challenge is at the 1.30840 longer-term horizontal support area.

Attached Image (click to enlarge)

On Friday, the GBPUSD price action on the daily time frame turned sideways at the 1.32020 intra-day horizontal resistance after a brief bullish retest. Although technically, we may still see further southward price action, this may be short lived as the price action is not particularly far from the 1.30840 horizontal support area.

Attached Image (click to enlarge)

The GBPUSD price action on the H4 time frame made a bullish pullback to break above the 1.32020 intra-day horizontal resistance in the early part of Friday before turning sideways at the 1.32150 intra-day horizontal support. However, the prevailing technical impulse favours bears more than bulls. So, we may still see southward price action in the early part of this week. Nevertheless, this may be short lived as, presently, the price action is just a few pips above the 1.30840 horizontal support.

Attached Image (click to enlarge)

I may be wrong. Trade safe and prosper.

KP

is this correct