EURUSD Shifts Bullish, but GBPUSD Stays in an Intermediate-Term Range

eurusd chart

  • When we last analysed GBPUSD and EURUSD here we highlighted intermediate-term bullish threats
  • EURUSD has shifted to an intermediate-term bull theme with a probe above key 1.179.
  • For the GBPUSD currency rate, the intermediate-term trend briefly shifted bullish above 1.3213, but has shifted back to a range after Friday’s aggressive selloff from Brexit No deal concerns.



EURUSD Intermediate-term bull shift through key 1.1791

We have stressed in recent reports that “we see an intermediate-term range theme, seen as 1.1791 to 1.1300, BUT now with strong risk skewed towards a bullish break above 1.1791” and the probe above here on Friday sets an intermediate-term bull trend.

Furthermore, the solid extension Friday after Thursday’s surge through important resistance peaks in the 1.1733/46/51/60 area keeps the risks higher Monday.

For Today:

  • We see an upside bias for 1.1803; break here aims towards 1.1851 and maybe even closer to 1.1903.
  • But below 1.1711 aims for 1.1667 and maybe opens risk down towards 1.1618.

Intermediate-term Outlook – Upside Risks: We see an upside risk for 1.1996/2000 and 1.2476.

  • What Changes This? Below 1.1525 shifts the outlook back to neutral; through 1.1300 is needed for a bear theme.

Resistance and Support:

1.1803 1.1851** 1.1903 1.1946 1.1996***
1.1711 1.1667** 1.1618** 1.1564 1.1525***

4 Hour EUR/USD Chart

eurusd chart

GBPUSD Back to an intermediate-term range theme

A plunge back lower Friday to prod the key 1.3055 level has quickly shifted the intermediate-term outlook back to an i0t range theme.

Tis bearish shift also sets the bias lower for Monday.

For Today:

  • We see a downside bias for 1.3054; break here aims for 1.3025, 1.2979 and then maybe 1.2919.
  • But above 1.3102 opens risk up to 1.3162, maybe 1.3198.

Intermediate-term Range Breakout Parameters: Range seen as 1.3299 to 1.2894.

  • Upside Risks: Above 1.3299 sets a bull trend to aim for 1.3363, 1.3473 and 1.3618.
  • Downside Risks: Below 1.2894 sees a bear trend to target 1.2784, 1.2661 and 1.2500.

Resistance and Support:

1.3102 1.3162 1.2198* 1.3299*** 1.3363**
1.3054 1.3025* 1.2979** 1.2919 1.2894***

4 Hour GBP/USD Chart

gbpusd chart


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