Technical Analysis

EUR/USD: A Break Below 0.9540 Signals Further Losses

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    we wrote: collapsed after the sell signal initially targeting 9810/9790 and 9720/00. Holding below here targets 9620/00.

    Target hit but we continued lower to 9565.

    EUR Hourly Chart

    crashed another 500 pips as soon as the market opened on Sunday to hit a new all time low at 1.0382.

    GBP Hourly Chart

    Today’s Analysis

    EUR/USD first resistance at 9700/20. Shorts need stops above 9740. A break higher can target 9800/20.

    The only support is at 9580/60. Longs are so risky in the bear trend with momentum building to the downside. A break below 9540 signals further losses to 9490/80 and 9430/20.

    GBP/USD crashed to 1.03.84 then shot higher to first resistance at 1.0940/60 with a high for the day only 10 pips below. The resistance is lower today at 1.0900/20 today. Shorts need stops above 1.0940. A break higher can target 1.1100/20.

    Holding first resistance at 1.0900/20 targets 1.0740/20 perhaps as far as 1.0650/30. Obviously the only support we now have is at yesterday’s all time low at 1.0400/1.0385.

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