Week of July 13, 2009

EURUSD’s rise from the April 22, 2009 low remains active as ONLY a daily open and close below 1.3783 will complete this rise while the June 3, 2009 high of 1.4338 holds. A daily open and close below 1.3783 will then see prices continue to move lower within a 1.3440-1.3783 consolidation zone before another attempt to the upside.  As to the intraday outlook, look for prices to continue to move lower initially targeting 1.3832 while 1.3980 caps.

GBPUSD’s rise from the April 22, 2009 low of 1.4396 remains active as ONLY a daily open and close below 1.5846 will complete this rise at the June 30, 2009 high of 1.6743, with prices then continuing to move lower within a 1.5293-1.5846 consolidation zone before another attempt to the upside. For the session ahead, look to sell GBPUSD while 1.6220 caps for 1.5846 initial target.