eur/usd at key resistance

Finally eur/usd has come to key resistance level of 1.1500. It wasn’t able to break it for a long time and looks like it may happen any time now. The area actually is between 1.1465 (May 15^th high) – 1.1532 (February 3^rd high). 

As you can see from the daily chart below Euro was accumulated from March 12^th when it made the low of 2015 through the rest of the year with key accumulation levels being 1.0600 and 1.0800 levels. 

It is also clear that the pair broke above both 200 sma and ema. It has actually close above 200 sma and this may happen with 200 ema today too. 

1.1498 level was hit today during Asian session and Euro is playing with it at the time of writing. As all major fundamental news has been released a week or two weeks before; we may assume that a new trend in the pair can start. This time it will probably be upwards. If that happens, buying on dips will be the best strategy for day trading. 

If the breakout does not occur today, the highest probability is that it will happen somewhere around Wednesday this week when US Durable Orders data is released. 

See you with the updates later in the day. 

eur/usd daily chart

Pound closes below 1.5700 against US dollar

For a number of weeks gbp/usd fails to overcome 1.5700 level. I don’t see it as bearish or bullish; just state the fact how important the number is. There has to be a break at some point: up or down. On the other hand, 1.5688 is pretty close. That’s what the close was in the pair (at least on my charts). By looking at the 4 hour chart below you can see that from the 7^th of August cable was clearly making higher highs and higher lows against the greenback. It implies that Pound was in accumulation process and US dollar in distribution. This may not mean the tendency will continue, but it is likely.

Forex news that might impact exchange rate of the pair:

Tuesday: 14:00 GMT US Consumer Confidence

Wednesday: 12:30 GMT US Durable Goods Orders

Thursday: 12:30 GMT US Gross Domestic Product

Friday: 08:30 GMT GBP Gross Domestic Product

In my opinion the pair may broke or reverse from the key level any time at the start of the week without waiting for the above mentioned economic releases. Both FED minutes and BOE interest rates have been announced, so we may expect technical moves at any time next week. 

See with more updates on this Monday.

Higher highs and lows in gbp/usd