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EURUSD Stays Positive in a Range; GBPUSD See Negative Correction Risks

eurusd chart

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EURUSD Recovery bias

A resilient consolidation on Wednesday holding above 1.2298 support, maintaining the positive tone from Monday’s solid rebound just above 1.2396 resistance and from the early April recovery effort, to keep risks higher Thursday.

We see an intermediate-term range theme, 1.2539 to 1.2153, BUT with risk skewed for a bullish intermediate-term shift above 1.2539.

For Today:

  • We see an upside bias for 1.2414, then 1.2421; break here aims for 1.2476/84.
  • But below 1.2298 opens risk down to 1.2259, maybe 1.2214.

 Intermediate-term Range Breakout Parameters: Range seen as 1.2539 to 1.2153.

  • Upside Risks: Above 1.2539 sets a bull trend to aim for 1.2600/02, 1.2827 and 1.3000.
  • Downside Risks: Below 1.2153 sees a bear trend to target 1.1914, 1.1716 and 1.1553.

Resistance and Support:

1.2414/21 1.2476/84** 1.2539*** 1.2566 1.2600/03
1.2298 1.2259 1.2214/03* 1.2153*** 1.2110

4 Hour EURUSD Chart

eurusd chart

GBPUSD Negative pressures

A notable selloff on Wednesday through multiple and notable supports (1.4281,1.4235 and 1.4183), signalling a very short-term negative reversal, rejecting bull pressures from the new post-Brexit and cycle high Tuesday, shifting risks lower Thursday.

The latter March break above 1.4145 set an intermediate-term bull trend, reinforced by the mid-April push through 1.4346.

For Today:

  • We see a downside bias for 1.4172; break here aims for 1.4133, then 1.4077.
  • But above 1.4247 opens risk up to 1.4315.

 Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.4377.

  • A higher target would be 1.5006
  • What Changes This? Below 1.3964 shifts the outlook back to neutral; through 1.3710 is needed for a bear theme.

Resistance and Support:

1.4247 1.4315* 1.4377/88 1.4422 1.4477
1.4172 1.4133* 1.4077 1.4399* 1.3964***

4 Hour GBPUSD Chart

gbpusd chart

 

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