EURUSD: Around Critical Resistance!
No change, 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 to occur, 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 failed to continue higher through the 1.4150 levels yesterday, topped at the 1.4218 levels and bottomed lower at the 1.4075 level. On the upside, a failure to hold below the 1.4075 levels on a daily closing basis could main a return to the 1.4218 levels. A break will aim the 1.4277 levels, further upside, resistance comes at the 1.4345 levels.
The pair formed a bearish pin bar (reversal candle) around 1.4150 levels yesterday. A daily closing above 1.4150 is an early warning for the 1.4277 levels.
On the downside, below 1.4075 levels sees a pullback risk to the 1.3993 levels where rebound is very likely, below 1.3993 will extend the corrective pullback to the 1.3874 levels.
Conclusion: The GBPUSD sees sideways move within 1.4075/1.4218 range, below 1.4075 sees a fall risk to the 1.3993/1.3874 levels, above 1.4218 will restore the upside momentum and pave the way to the 1.4277/1.4345 levels.
The weekly chart suggests a weekly closing below 1.4150…
The USDJPY maintained a bearish momentum yesterday, topped at the 106.08 levels and bottomed at the 105.25 levels. This development leaves the pair targeting the 104.28 levels, a halt is likely but a cut through the 104.28 will aim the 103.00 levels, further down, support comes at the 101.55 levels.
On the upside, resistance comes at the 105.25 levels ahead of the 106.08 levels (main). Above 106.08 sees a recovery risk to the 107.05/107.80 levels where another fall is likely…
Conclusion: The USDJPY sees a downside risk below the 106.08 levels.