EUR/JPY

EUR/JPY is trading sideways near the 38.2% Retracement level. There is no confirmation yet on the pair’s next direction. However, we maintain that traders could enter short positions near the Fibonacci Retracement levels after strong bearish reactions. On the lower side, we think the pair will target a new lower swing low to confirm the continuation of a long-term bearish trend.

Today’s critical levels to watch:

Support: 160.00, 155.00, 154.00

Resistance: 163.00, 165.00

EUR/GBP

EUR/GBP pushed lower and printed a new lower low. The pair has not left the 0.8500 – 0.8530 area yet which means a consolidation might continue. Traders will use the bottom of the range to enter long positions targeting a new higher swing high. At the current time, if the pair starts ranging between 0.8500 – 0.8530, traders could add long positions with tight stops below it.

Today’s critical levels to watch:

Support: 0.8500, 0.8400, 0.8325

Resistance: 0.8530, 0.8580, 0.8600, 0.8700, 0.8750

GBP/JPY

GBP/JPY situation is sideways inside the Fibonacci Retracement range. There are no strong reactions to confirm the pair’s next movement yet. If the pair formed a major bearish reaction then traders could enter short positions targeting a new lower swing low. On the upside, 198.00 is the major resistance level where major bearish reactions might happen.

Today’s Critical level to watch:

Support: 180.00, 178.70

Resistance: 190.00, 193.50

GBP/CHF

GBP/CHF rejection from the 1.1200 – 1.1225 brought the pair down to test the 1.1000 support level. There was a bounce yesterday but the pair came under bearish pressure again today. If the pair could break out and close below the 1.1000 then the bearish trend could immediately continue. On the upside, a close above 1.1225 might cancel the current bearish outlook.

Today’s critical levels to watch:

Support: 1.0800, 1.0500

Resistance: 1.1000, 1.1200, 1.1225