EUR/JPY
EUR/JPY suffered a major bearish reversal today as sellers stepped in to form a massive engulfing candlestick. Because of this strong downward push, the pair essentially erased three days of bullish progress. Momentum has clearly shifted to the downside for now. As a result, we might see a bearish attempt to retest the ascending trend line. If the price reaches this dynamic support, buyers could easily return. However, a breakdown below it will trigger further losses.
Today’s critical levels to watch:
Support: 185.84, 183.40
Resistance: 190.00
EUR/GBP
EUR/GBP made a brief upward attempt today, but the pair quickly fell back below its opening level. Since the bullish momentum failed to sustain itself, the ongoing consolidation near 0.8700 will continue. Currently, the market is lacking a clear directional bias. Because of this indecision, traders will likely stay patient on the sidelines. They are simply waiting for a definitive breakout to confirm the next major move.
Today’s critical levels to watch:
Support: 0.8700, 0.8600, 0.8580
Resistance: 0.8750, 0.8800, 0.8850, 0.8920
GBP/JPY
GBP/JPY experienced major bearish pressure today, forming a massive bearish candlestick much like EUR/JPY. This action shows that the recent bullish rally has finally hit a strong resistance wall. Moving forward, the price might drop lower to retest the ascending blue trend line. If it falls to this area, traders will naturally watch for bounce signals. However, a firm break below the trend line would cancel the immediate bullish outlook.
Today’s Critical level to watch:
Support: 211.50, 210.00, 208.00, 207.00
Resistance: 214.965
GBP/CHF
GBP/CHF faced a bearish rejection from the 1.0600 resistance level today. Despite this downward push, the pair has not printed a new lower low just yet. Therefore, the broader market structure remains mostly intact. The pair will likely continue its sideways movement near the 1.0600 area for now. Since the market is still trapped in a tight range, traders will wait patiently. We need a new higher high or lower low to confirm the next trend.
Today’s critical levels to watch:
Support: 1.0500, 1.03599
Resistance: 1.0600, 1.0660, 1.0800