EURUSD
The Euro probed levels below important 1.3670 support, with broken bull-trendline off 1.3665 previous high, containing dips at 1.3647 for now. Quick recovery to 1.37zone, where gains are so far capped by daily cloud base, may signal hesitation ahead of fresh weakness and clear break lower which is required to confirm double-top pattern formation and trigger further weakness. Failure to complete the third weekly close in red, could be supportive for near-term pause in weakness and possible stronger recovery. Hourly studies are neutral, as the price trades in a narrow range around 1.37 handle, however, overall picture remains bearish and unless price regains 1.3770/80, lower platform / Fibonacci 38.2% of 1.3992/1.3647 descend and 1.3800 round figure barrier, downside risk would remain in play. Loss of 1.3647 temporary handle to open 1.3623, 200 SMA and psychological 1.36 support initially, with 1.3519, 38.2% retracement of larger 1.2754/1.3992 upleg, seen in extension. Rally above 1.38 handle would signal fresh upside.
Res: 1.3731; 1.3779; 1.3800; 1.3820
Sup: 1.3700; 1.3683; 1.3647; 1.3619
GBPUSD
Cable holds overall bearish tone, with loss of 1.68 handle posting fresh low at 1.6730, 50% retracement of 1.6464/1.6995 ascend. Consolidative action through 1.68 barrier, improved near-term structure, however, upside is seen limited while the price holds below 1.69 breakpoint, near 61.8% retracement of 1.6995/1.6730 and lower top of 12 May, with fresh leg lower expected to commence from levels below this point. Fresh weakness through 1.67 handle to open Fibonacci 61.8% retracement level at 1.6667, next, with 100SMA at 1.6627 and 1.66, round
Linear Mode
