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Technical Update - EURUSD and GBPUSD broken resistance. Dollar Index below key support
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: EURUSD testing strong resistance at 1.0762. Higher levels in the cards
GBPUSD above close to be testing strong resistance at 1.2445
Dollar Index broke deadlock and is likely to be testing 104.39 support
EURUSD broken higher above 1.0635 resistance and above 1.07. Currently testing the 0.618 of the downtrend since July and the 0.382 retracement of the last leg down since mid-August, and resistance at around 1.0762.
However, RSI closed Friday above 60 threshold meaning it is now in a positive sentiment indicating higher EURUSD levels.
If closing above 1.0765 expect a move to the 1.0834-1.0860 area but no strong resistance until around 1.0945
If EURUSD is rejected at the 1.0762 a set back down to around 1.0635 could be seen
GBPUSD broke and closed above resistance at around 1.2337 and is within few cents from testing resistance at around 1.2445 and the 0.382 retracement of the downtrend since July. The almost flat moving 200 Moving Average will add to the resistance around that level.
If closing above a move to the declining 100 Moving Average will and resistance at around 1.2546 will be likely
The RSI closing above the 60 threshold Friday is supporting the bullish picture.
If GBPUSD is sliding back below 1.2335 and below the declining 55 Moving Average further selling should be expected jeopardizing the uptrend. The Dollar Index broke and closed below key support at around 105.34 Friday. That means it also broke its range bound trading area and could continue lower.
Next support at the 0.618 retracement and around 104.39, a close below could see a sell-off down to the 0.786 retracement at around 103.75. Around that level the rising 100 and 200 Moving Averages will also offer support.
The RSI is currently below 40 th4reshold i.e., in negative sentiment
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