Analysis of the Majors: USD Power or Slump?

Hi Traders!

Just a quick overview of the Technical Analysis setup on the EURUSD and the GBPUSD. As always we try to provide you with the very best free Forex technical analysis!

What do you think  of the EURUSD and GBPUSD? Please let us know down below in the comments section!

EURUSD

The EURUSD is in an up trend when looking at recent price action.

MAY 6 2013 EURUSD WEEK

 

However, it is important to note that the upside has bumped into major resistance at the 500 Fib level (of the entire down move), which is evident from the major wick on top of the weekly candle.

MAY 6 2013 EURUSD DAY

Despite that selling pressure I am still bullish as the currency is in an uptrend and will only change views when the bottom at 1.2950 is broken.

MAY 6 2013 EURUSD 4HR

GBPUSD

The GBPUSD has in a similar situation as the EURUSD.

MAY 6 2013 GBPUSD WEEK

It too is in a up trend. However, the currency is very close to the top of an upward trend channel. Most probably the space for upside movement is limited. This could impact the currency and make it either go sideways, or inch forward slowly.

MAY 6 2013 GBPUSD DAY

A bigger retrace back to the 500 Fib before moving up is another possibility.

MAY 6 2013 GBPUSD 4HR

This time around an article with not too many words! 😉 I thought I would spare you the reading headache 😀

Still hope you enjoyed this Free Forex Technical Analysis! Let me know down below what your questions are for these currencies!

GOOD TRADING!

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