Daily Technical Outlook

Daily Forex Technicals | Written by Innerfx | Sep 07 09 05:57 GMT |

EURUSD 1.4200 provided a good turning point once again on Friday's test and the euro bounced, returning into the upside zone. Today's trading is expected to be quiet due to the Labor Day holiday in the U.S. Both intra-day and short term studies are positive and won't be affected on pullbacks as long as the intra-day support at 1.4265/70 and short-term's 1.4200 respectively will hold. On the upside, resistance is being challenged at the time of writing this, at 1.4300 – formed by the descendant trend line coming from 1.4405. Next barriers are seen at 1.4385/00 and 1.4450. Current quote is 1.4333 @05:45 GMT Support: 1.4300, 1.4265/70 and 1.4200 Resistance 1.4330/50, 1.4385/00 and 1.4450 GBPUSD The Pound is currently retracing after last attempt on 1.6400 and first support comes at 1.6350 which is also the median retracement level of the last upward swing from 1.6285 to 1.6415. It may provide a stable support along with 1.6335 which is the 61.8% of the same up leg. Ultimately, another intra-day support level is formed into the 1.6300/10 region. Short term sentiment is slightly positive but a break above 1.6400 would be a good confirmation of current bias. Buying into the 1.6335/1.6350 is tempting but not during a holiday. Current quote is 1.6373 @05:45 GMT Support: 1.6335/50, 1.6300/10 and 1.6250 Resistance: 1.6400/20, 1.6450 and 1.6500 Innerfx Legal disclaimer and risk disclosure InnerFX and/or its author(s) shall not be responsible for any loss arising from any investment or trading decision based on any recommendation, forecast, strategy or other information herein contained. The contents of this article should not be construed as an express or implied promise, guarantee or implication by InnerFX and/or its author(s) that readers and subscribers will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations / strategy in an analysis, especially leveraged investments such as Foreign Exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated. Trading in the Currency Exchange market is a challenging opportunity where above average returns are available to educated and experienced investors who are willing to take above average risk. Past performance does not guarantee similar performance in the future. Check http://www.innerfx.com/disclaimer for full disclaimer. You may not post this (or part of this) article to forums, newsgroups, mailing lists, electronic bulletin boards, websites, or other services, without the prior written consent of InnerFX.