EUR/USD has fallen lower than ideal support around 1.3200, but could yet hang on if the pair can stay above the 1.3150/60 area. A fall below that level and we're likely headed to 1.2950 to the downside as this would represent a sharp diappointment for the bulls. If support survives (as preferred) we look back higher to 1.3275 resistance and eventually 1.3480.
BY Saxo Bank, Mon, 07 Mar 2005 14:20:50 GMT
GBP/USD is brekaing through final support as of this writing - a dramatic disappointment if these low levels below 1.9140 hold. If we are seeing a reversal, the downside could continue to 1.8900. Otherwise, a return above 1.9170 would re-invigorate the rally scenario and have us looking for a rally higher to the recent top above 1.9250 and beyond to 1.9380.