EURUSD & GBPUSD closing on each other.

EURUSD

EURUSD closed at a very interesting level last week and currently intra-day trend for EURUSD seems to stay in buying. Friday's movement was expected retracement and now we should look for levels to buy EURUSD. Considering daily movement, 1.4675 level currently seems to provide a good entry. Considering the weekly charts, EURUSD should stay above 1.4600 level and we might see lows above that level.

If EURUSD manages to break below 1.4600 level, then its initial target will be around 1.4450 and further break will set 1.4200 as next target. Therefore in case EURUSD breaks below 1.4600 level, reversal of trend will be indicated.

On the upper side, 1.4850 level is current target and break of that will set an important 1.5000 level as next target. Generally it can be said that current buying trend is still there for EURUSD.


GBPUSD

The selling pressure for GBPUSD continues this week as well. Although it was not able to break high or low in weekly chart but still strong selling seems to continue. The first important level is at 1.6000 and the second at 1.6100, both acting as very good resistances. The more aggressive trader might look to currently sell around 1.5950 level.

But there is one thing about GBPUSD so far is that it has not managed to break below 1.5780 level and once again we might see it testing it out. Even in weekly charts we can see that there is a good support present between 1.5780 and 1.5750 level.