fbpx

EURUSD & GBPUSD Stay Bullish post French Election

GBPUSD Chart

See more technical analyses of major currencies

EURUSD – Bullish threat intact, despite setback

A push above the 1.1000 psychological and option target already this morning in the wake of the French Presidential election result, sustaining the strong bullish outside Thursday pattern from last week that saw a push above the late March peak at 1.0950. Bullish

This activity has reinforced the aggressive bull gap in the wake of round one of the French Presidential election results (1.0818-1.0738), keeping an upside bias for Monday.

Furthermore, the April push above 1.0906 also signalled an intermediate-term bullish shift.

For Today:

l We see an upside bias to aim at 1.1023; break here aims for 1.1045, maybe towards 1.1090.

l But below 1.0917 opens risk down to 1.0873, maybe 1.0850.

Intermediate-term Outlook – Upside Risks:

l We see a positive tone with the bullish threat to 1.1000.

l Above here targets 1.1300

What Changes This? Below 1.0568 signals a neutral tone, only shifting negative below 1.0493.

4 Hour Chart

EURUSD Chart

GBPUSD – Bullish threat

A probe higher Friday and again already today to a new recovery high above the late April peak at 1.2966, sustaining bullish pressures from the solid turnaround rebound Thursday from ahead of 1.2803 (from 1.2829) and the Tuesday 18th April aggressive surge above key resistance at 1.2775, aiming higher for Monday.

Furthermore, the push above 1.2775 produced a multi-month Triple/ Quadruple Bottom pattern, which signalled an intermediate-term bullish shift.

For Today:

l We see an upside bias for 1.2989; break here aims towards 1.3000 and maybe 1.3058.

l But below 1.2878 opens risk down towards 1.2829, which we would look to try to hold.

Intermediate-term Outlook – Upside Risks:

l We see a positive tone with the bullish threat to 1.3000.

l Above here targets 1.3121 and 1.3455/3534 area.

What Changes This? Below 1.2363 signals a neutral tone, only shifting negative below 1.2107.

4 Hour Chart

GBPUSD Chart

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


Popular Brokers