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EURUSD and GBPUSD intermediate-term bear trends intact

eurusd

  • In our last review of both GBPUSD and EURUSD Forex rates on 6th December we discussed the intermediate-term bearish outlooks for both currency pairs.
  • The EURUSD currency pair has failed in early December recovery efforts once again, back from below 1.1500 resistance and sustains the bear theme from the prior break below key 1.1300 support, to keep risks lower for latter December and into very early 2019.
  • The GBPUSD selloff through the key 1.2661/ 58 supports has reinforced the prior surrender of a key 1.2694 level, to keep the intermediate-term view bearish into year-end and likely January.

 

EURUSD Bear risks reinforced

A plunge Friday through 1.1305/04 supports to reinforce the failure last week, still contained below 1.1400/09 resistance, PLUS from last Tuesday’s plunge below 1.1348 and 1.1320, keeping risks lower for Monday.

The plunge through 1.1300 in the first half of November set an intermediate-term bear trend.

For Today:

  • We see a downside bias for 1.1265/51; break here aims for 1.1214, 1.1200 and 1.1171.
  • But above 1.1360 aims for 1.1393 and opens risk up to 1.1400/09.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 1.1119.

  • Lower targets would be 1.1000 and 1.0839
  • What Changes This?1500 shifts the outlook straight to a bull theme.

Resistance and Support:

1.1360 1.1393 1.1400/09* 1.1443** 1.1472*
1.1265/51* 1.1214* 1.1200* 1.1171 1.1147

4 Hour EURUSD Chart

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GBPUSD Bear bias reinforced

A selloff Friday through 1.2590 and 1.2539 supports to reinforce the stall back from 1.2687, the prior plunge to another new bear trend low (1.2476), AND the previous aggressive plunge through the key 1.2661/ 58 supports, to leave risks lower Monday.

The early December push through key 1.2694 support set an intermediate-term bear trend.

For Today:

  • We see a downside bias for 1.2530; break here aims for 1.2476/66, then 1.2403 and even key 1.2366.
  • But above 1.2631/35 targets 1.2687 and maybe aims for 1.2719 and 1.2760.

Intermediate-term Outlook – Downside Risks: We see a downside risk for 1.2366, 1.2109, 1.2000/1.1987 and 1.1950.

  • What Changes This? Above the 2840/64 resistance area shifts the outlook back to neutral; above 1.2928 is needed for a bull theme.

Resistance and Support:

1.2631/35 1.2687* 1.2719 1.2760** 1.2840/64***
1.2528 1.2476/66* 1.2403 1.2366*** 1.2323

4 Hour GBPUSD Chart

gbpusd

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