EURUSD: Around Critical Resistance!
Despite the strong rebound yesterday, the EURUSD remains neutral at the moment. resistance comes at the 1.2354 levels, to avoid a return to the downside, the pair will have to break and hold above the 1.2354 levels and the falling trendline. If seen it will target the 1.2420 levels where a break will aim the 1.2475/1.2522 levels, further upside, resistance comes at the 12613 levels.
Alternatively, a failure to hold above the 1.2354 levels could mean a return to the 1.2240 levels where a cut will aim the 1.2185 levels, a halt is likely, but if this fails, the pair will extend decline to the 1.2088/1.2033 levels.
Conclusion: The EURUSD continues to consolidate with downside risk below the 1.2354 levels.
The GBPUSD continues its bullish momentum yesterday, bottomed at the 1.3993 levels and topped at the 1.4149 levels. On the upside, a sustained breakout – daily closing – above the 1.4150 levels is needed to open the way to the 1.4277 level, further upside, resistance comes at the 1.4350 levels.
Buying the pair around 1.4150 could be risky a bit, buy on the corrective pullback to the nearest support level to minimize the risk.
Alternatively, a failure to hold above the 1.4150 levels ( daily & weekly resistance ) could mean a return to the 1.4070/1.3993 levels where buying is recommended, however; below 1.3993 should weaken recent rise and pave the way to the 1.873 levels.
Conclusion: The GBPUSD continues to face upside threats above the 1.3993 levels with a risk to the 1.4277 levels, below 1.3993 sees a pullback threat to the 1.3873 levels.
As long as 107.05 resistance holds on a daily closing basis, the USDJPY remains neutral with risk to the downside, support comes at the 105.45 levels, a halt is likely but a cut would open 104.28, further down, support comes at the 102.85 levels.
On the upside, resistance comes at the 107.05 levels (main). A daily closing above 107.05 will aim the 107.80 levels. A break will turn outlook bullish and pave the way to the 108.77/110.20 levels.
Conclusion: The USDJPY continues to consolidate with a downside risk below the 107.05 levels.
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