July 6th, 2009

EURUSD’s rise from the April 22, 2009 low of 1.2885 remains active as ONLY a daily open and close below 1.3783 will complete this rise at the June 3, 2009 high of 1.4338 with prices then continuing to move lower within a 1.3440-1.3783 consolidation zone before another attempt to the upside.  Look for intraday prices to continue lower while 1.4000 caps with 1.3783 as the next objective.

GBPUSD’s broad outlook remains bid as ONLY a daily open and close below 1.5846 will complete the rise from the April 22, 2009 low of 1.4396 at last week’s 1. 6743 high.  Daily studies confirmed a sell on July 2, 2008 with 1.5846 as the next objective. For the session ahead, look for GBPUSD to continue lower while prices remain below 1.6427 for 1.5846 objective.