$EURUSD and $GBPUSD before Asia

• kevinmhughes
• December 14th, 2009

For the $EUR: that wedge is getting tighter & tighter.  There was absolutly NO action during NY (US) trading today when it comes to the $EURUSD pair.  The red levels high lighted in the chart would be a create confirmation of a break out in the wedge.  The black levels would pose a problem for the $USD (to the upside) or to the $EUR (to the downside).  I believe we see a break down in the $EURUSD during Asia based on the wedge.

As for the $GBP: If it breaks through the bull flag it has formed on the 30 minute chart below, we could a nice run to the 1.6400 level.  I don’t believe that is going to happen.  I don’t see the strength for the $GBPUSD to shoot higher; it will probably (I believe) bounce off that resistance and head below the support (black levels on chart) – the red circle is the bull flag and where you could see where it had a nice run earlier in NY trading.

You can also check www.kevinmichaelhughes.com for other analysis of some ‘non major’ pairs.

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Tickers: $EURUSD, $USD, Asia, Economy, GBPUSD, greenback

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