EURUSD: Bearish With Caution, Faces Recovery Threats!
As long as 1.1801 resistance holds on a daily closing basis, the EURUSD remains neutral with risk to the downside, support comes at the 1.1730 levels, a cut through that level on a daily closing basis will restore the downside momentum and turns the focus on the 1.1670 levels, further down, support comes at the 1.1585 levels ahead of the 1.1478 levels.
On the upside, resistance comes at the 1.1801 levels, sustained breakout -daily closing- above that level will suggest short-term bottoming at the 1.1716 levels and bring strong recovery to the 1.1936 levels, a halt is likely and it may turn lower from here but a break would open 1.2059 levels.
Conclusion: The EURUSD continues to face downside threats below 1.1801 levels with caution, above 1.1801 sees a recovery threats below 1.1936 levels where another fall is likely…
GBPUSD: Still Sees Corrective Pullback Threats!
As long as 1.3450 resistance holds on a daily closing basis, the GBPUSD remains in a corrective pullback mode and further down could be seen, immediate support comes at the 1.3385 levels ahead of the 1.3328 levels, a break below here will aim the 1.3266 levels, further down, support stands at the 1.3147 levels…
On the upside, resistance comes at the 1.3450 levels, a break will bring limited gains below 1.3585 levels.
Conclusion: The GBPUSD continue to face corrective pullback threats below the 1.3450 levels.
as long as 112.20 support holds on a daily closing basis, the USDJPY remains on the upside to 113.95 levels, a halt is likely but a break would open 114.87 levels, further upside resistance comes at the 116.33 levels ahead of the 117.42 levels.
On the downside, support comes at the 112.20 levels, below that level sees a pullback risk to the 111.09 levels, further down, support comes at the 110.25 levels.
Conclusion: The USDJPY continues to face upside threats above the 112.20 levels…
Today, the global financial markets will shift their focus on German Unemployment Change, U.K GDP, EuroZone consumer inflation, Canadian GDP, ECB President Draghi Speaks and BoE Gov Carney Speaks.