EURUSD: Remains Bullish With Caution!
As long as 1.1100 support holds on a daily closing basis. The EURUSD remains on the upside to 1.1145 levels. A break would open 1.1190 levels. A halt is likely, it may test 1.1145 before a higher leg above 1.1190 levels. Anyway; above 1.1190 opens 1.1250 levels. The next resistance comes in 1.1310 levels.
On the downside, a rejection from the 1.1145/1.1190 levels could mean a return to 1.1100 levels. Below 1.1100 levels sees corrective pullback threats to 1.1038 levels, further down, support comes at 1.1106 levels.
In conclusion, the EURUSD continues to face upside threats above 1.1100 levels with caution.
The short-term outlook in GBPUSD has turned to the downside, resistance comes at 1.3133 levels. Below this level will keep the pair under pressure. Support comes at 1.3058 levels. A cut below support would open 1.2930 levels. A halt is likely, it may turn higher from here. However; below 1.2930 sees a further weakness to 1.2775 levels. The next support comes in 1.2600 levels ahead of 1.2475 levels.
Note: The key support 1.3000/1.2930 is likely to bring a strong rebound. A sustained breakout below that level will extend weakness to 1.2500 levels.
On the upside. Immediate resistance comes at 1.3133 levels. A sustained breakout – daily closing- above that level will turn outlook neutral, and bring consolidation below 1.3330 levels. Above 1.3330 will restore the upside momentum and pave the way to 1.3470/1.3555 levels.
In conclusion: The GBPUSD sees downside threats below 1.3133 levels in the short-term forecast.
Support:1.3058, 1.2930 1.2775, 1.2600, 1.2475
Resistance: 1.3133, 1.3330, 1.3470, 1.3555, 1.3610
Although the pair is bullish. The USDJPY will have to break and hold above the 109.72 levels to prevent a return to the downside. If seen the pair will extend gains to 110.15 levels. A halt is likely, it may test 109.72 before attempts to break higher. Anyway; above 110.15 aims the 110.75 levels. More gains pave the way to 111.45/112.00 levels.
Alternatively; a failure to take out the 109.72/110.15 levels could mean a return to 109.25 levels. Below 109.25 sees further down to 108.90 levels. The next support comes at 108.38/107.95 levels.
In conclusion: The USDJPY sees corrective threats below 109.72/110.15 levels. Above that level will extend gains to 110.75 levels ahead of 111.45/112.00 levels…
- The pair may spike to 110.15 before closing around/below 109.72 levels…
- Any corrective pullback below 110.15 will be contained by 107.95 levels where another rise is very likely.