EURUSD Sees Consolidation!
Outlook in EURUSD has turned neutral at the moment, support comes at the 1.2297 levels (low of Mar 08 2018) while resistance comes at the 1.2420 levels ( high of Mar 06 2018). On the upside, a failure to hold below the 1.2297 levels on a daily closing basis could main a return to the 1.2420 levels, a halt is likely but a break will extend the bullish move to the 1.2522 levels, further upside, resistance stands at the 1.2613 levels.
Minor resistance comes at the 1.2327 levels ahead of the 1.2385 levels where rejection is likely.
On the downside, below 1.2297 on a daily closing basis will extend the pullback from the 1.2445 levels to the 1.2175 levels, below that level sees further risk to the 1.2088/1.2030 levels…
Conclusion: The EURUSD sees consolidation within 1.2297/1.2420 levels.
The GBPUSD remains neutral with a risk to the downside, resistance comes at the 1.3915 levels where rejection could mean a return to the 1.3755 levels, a cut through that level will open the 1.2612 levels, further down, support comes at the 1.3532 levels.
On the upside, a daily closing above the 1.3915 levels will reverse risks to the upside to the 1.4007 levels ahead of the 1.4150 levels (main), a break will pave the way to the 1.4277 levels.
Conclusion: The GBPUSD continues to face downside threats below the 1.3915 levels.
The USDJPY remains in a recovery mode as long as 106.23/105.45 support holds on a daily closing basis, but recovery above 105.45 should be contained well below the 107.80 levels, a sustained break above that level will turn outlook bullish and pave the way to the 108.77. a further upside, resistance comes at the 110.19 levels.
As long as 107.04 resistance holds on a weekly closing basis, the pair remains bearish, a weekly closing above the 107.04 level will bring recovery to the 110.48 levels.
On the downside, below 106.23 will turn the focus on the on the 105.45 levels, a cut through that level on a daily closing basis will restore the downside momentum and pave the way to the 104.28 levels ahead of the 102.85 levels.
Conclusion: The USDJPY continues to face recovery threats above the 105.45 levels with caution…