EURUSD. Trend is downwards on the daily chart. After consolidation Euro has broke support 1,4703 and continues fall . A pair is trading in the downstream channel, approaching to the next support zone 1.4541. It likely rebound upwards from the support zone. You can try to put buy stop order on the 1.4739 level and put stop-loss order just below 1.4700 in this case. If pair will close below 1.4541 downwards pressure will stronger. Look to get aggressive short on the breaking of support 1.4541.


GBPUSD. Pair is consolidating near the lower border of descending channel. Pound has reached a support at 1.6300. This line Fibonacci retracements use horizontal lines to indicate areas of  50% support. The situation looks 50х50. Now, in my opinion, there is no entry point.



Elena Chernaya, Chief Currency Strategist
ELAN Investment Solutions

 

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