EUR/USD & GBP/USD: technical analysis and short-term targets (Commerzbank)

Below is the latest technical analysis by Commerzbank analysts' for both the EUR/USD and GBP/USD:

EUR/USD
"The EUR/USD continues to move away from the 55-day moving average at 1.1243. The break below 1.1177 put the April low of 1.1110 back in the spotlight.

As long as the EUR/USD pair remains above 1.1110, the chart configuration threatens the potential for a major bullish reversal.

The 55 and 100-day moving averages at 1.1243 and 1.1306 and the September-May resistance line at 1.1324 should be kept in Above this, the 200-day moving average is at 1.1392."

GBP/USD
"The GBP/USD fell below the February low of 1.2772, and the August, October and mid-January lows of 1.2696/62 are now at stake.

A minor resistance level is at the April low of 1.2865.

Immediate downward pressure will be maintained and no increase above the 200-day moving average of 1.2956 is expected. Only if the level of 1.3048 were exceeded would we expect the 1.3185/97 peaks reached in April and May 1997 and the 61.8% Fibonacci retracement to be tested again. But this seems unlikely at this time.

The pair will need to return to the 25 January peak at 1.3217 in order to have a chance to move towards the 1.3351/82 resistance zone, which consists of the February and March peaks, where we expect it to hold."