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EURUSD turns at crucial Fib level, GBPUSD fails to break through key support level

EURUSD has begun to turn lower, having rallied into the 76.4% retracement yesterday. It is clear that we remain within a clearly defined downtrend throughout May so far and thus we would need to see an hourly close above 1.1243 to negate this trend. As such, a bearish view is preferred for a move back down to 1.129 support. The stochastic oscillator and MACD histogram confirm this bearish bias, with both turning lower to match price action.

GBPUSD fails to break through key support level

GBPUSD has tried to break below a key support level this morning, in a move which would set us up for a possible period of downside for the pair. The 1.4642 level is likely to be key for today’s price action, where an hourly close below this level would likely lead to a depreciation in the pair, with 1.4601 the next support level. Alternately, should we see this support level hold up, there is a clear uptrend in place over the past week and many will be looking to get long once more. Interestingly, the pullback seen over the past 24 hours look a lot like a retracement of Wednesday’s rally. Thus the fact that we are now seeing the pair start to rally having come within 2 points of the 76.4% retracement is very telling. As such, a bullish view remains unless we see an hourly close below 1.4601.
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