EURUSD

The Euro returns near session lows before news, after spiking to 1.1300 area on panic market reaction. Overall picture hasn’t changed much, as reversal after overnight’s strong rally returned below daily cloud and series of moving averages (200; 100; 55; 30) that were broken on spike higher.
Daily technicals returned to the mixed mode after the rally that so far looks like a false break higher.
However, sentiment is still positively aligned and keeps alive hopes of possible renewed attempts higher. The pair needs to regain minimum 1.1100/20 zone (Fibo 38.2% of today’s 1.0990/1.1298 rally / converged daily 55/100SMA’s), to generate initial bullish signal for further advance. Plethora of barriers that were cracked today (1.1157 – daily cloud base / 1.1180 – 200SMA and 1.1215 – daily cloud top) is still acting as strong resistances.
Alternatively, further easing and violation of session low at 1.0990 (reinforced by daily 20SMA), will generate negative signal for possible extension of Mon / Tue descend.
Markets require some time to digest the news and give clearer signals of direction.
Res:  1.1107; 1.1120; 1.1157; 1.1180
Sup:  1.1026; 1.0990; 1.0958; 1.0934

GBPUSD

The downside is at risk again, after overnight’s spike to 1.2545 (just ticks under Friday’s 1.2555 peak) and subsequent reversal that fully retraced rally on return to session low at 1.2350. Near-term price action is holding around falling Kijun-sen line (currently at 1.2383), which capped the action in past two days and so far being capped by Fibo 38.2% of today’s 1.2545/1.2352 reversal.
Failure to close above Kijun-sen line would risk formation of bearish candle with long upper shadow that would weigh on near-term structure and generate another bearish signal. Violation of session low at 1.2350 and daily Tenkan-sen line at 1.2334 will be bearish.
Conversely, break above 1.2426 (Fibo 38.2% of  1.2545/1.2352) and regain of 1.2471(Fibo 61.8%) is needed to neutralize existing bearish threats and shift n/t focus higher again.

Res: 1.2426; 1.2471; 1.2500; 1.2555
Sup: 1.2375; 1.2350; 1.2334; 1.2281, Daily Market Outlook