Weekly Technical Analysis Report 22 July – GBPUSD played out nicely, bullish play seen on EURUSD
Weekly Technical Analysis Report 22 July – GBPUSD played out nicely, bullish play seen on EURUSD
1. Last week’s outlook on GBPUSD: Bullish play seen
On the M30 time frame, prices are approaching the support zone at 1.18700, in line with the 61.8% Fibonacci retracement, graphical support and 61.8% Fibonacci extension. We could see a bounce above this demand zone to our next resistance target at 1.19300 which coincides with the 50% Fibonacci retracement. A break above this level would provide the bullish acceleration to our next resistance target at 1.19800, in line with the graphical support turned resistance level. Stochastic is approaching support as well where we could see further upside, in line with prices.
Before:
Coloured candles represent our projection
After:
https://www.tradingview.com/chart/GBPUSD/nVrn86ku-Outlook-on-GBPUSD-Bullish-play-seen/
2. This week’s outlook on EURUSD: Bullish play seen
On the H4 time frame, prices are testing the support zone at 1.0100 in line with the 100% Fibonacci extension and 50% Fibonacci retracement where we could see further upside above this level to the resistance zone at 1.04000. This resistance zone lines up with the graphical resistance turned support level, 50% Fibonacci retracement and 100% Fibonacci extension. A break above the intermediate resistance zone at 1.02720 would provide the bullish acceleration to the next resistance target. Stochastic is approaching support as well where we could see a bounce above its support at 4.81.
Outlook on EURUSD: Bullish play seen by Salzworth on
