• Duncan Cooper , Senior Market Strategist & Trading Mentor at ACY Securities


• 06.07.2021 07:00 am
undisclosed

Overview:

Watch the video for a summary of this week’s news releases, and a Top Down Analysis of the EURUSD and GBPUSD.

EURUSD Weekly:

Weekly support at 1.1704, resistance at 1.1952 and 1.2243.

Price has declined for 5 weeks following the formation of the double top pattern at the 1.2243 weekly resistance high.

EURUSD Daily:

Daily support at 1.1847, resistance at 1.1975.

On Friday price reversed at 1.1847 daily support following the US Job Figures. Price may rally back up to the resistance levels between 1.1952 and 1.1975 offering an ideal opportunity to sell for the next decline in line with the current downtrend.

GBPUSD Weekly:

Weekly support at 1.3800 and 1.3669, resistance at 1.4009 and 1.4242.

Just like the EURUSD, GBPUSD has declined for 5 weeks following the formation of the double top pattern at the 1.4242 weekly resistance high. The 1.3800 level remains strong weekly support.

GBPUSD Daily:

Daily support at 1.3786, resistance at 1.4001.

On Friday price reversed at 1.3786 daily support and traded back above 1.3800 weekly support. Price may rally back up to the 1.4000 resistance level offering an ideal opportunity to sell for the next decline in line with the current downtrend.