EUR/JPY

EUR/JPY started a bearish correction today to retest the previous month’s high. The pair might hold out near the level and start a bounce from the level. If the pair continues its downward movement then the 134.50 – 135.00 area is the place to watch for long positions. As the trend is bullish, traders will continue to avoid short positions.

Today’s critical levels to watch:

Support: 137.00, 135.00, 134.50

Resistance: 140.00, 140.50

EUR/GBP

EUR/GBP reverse the bearish pressure and launched upward last week. The bullish close is vital for the pair to continue the current bullish movement. However, we have a mixed-signal as the pair form a lower swing low after a higher swing high. If the pair could print another higher swing high then traders could disregard the latest lower swing low and assume that the trend will continue bullish.

Today’s critical levels to watch:

Support: 0.8400, 0.8325, 0.8100

Resistance: 0.8500

GBP/JPY

GBP/JPY started a bearish correction which is a healthy correction. The pair could trade lower and target the 158.15 and 156.58 levels. If the pair manage to reach the levels and form a bullish reaction then traders could enter long positions. The pair might or might not reach the levels, traders also could use levels such as 159.00, and 160.00 for long positions when the bearish pressure receded.

Today Critical level to watch:

Support: 160.00, 158.15, 156.58

Resistance: 165.00, 170.00

GBP/CHF

GBP/CHF formed a higher swing high and initially confirmed the formation of a double bottom pattern. However, the pair come under bearish pressure again and fall below 1.2300. If the pair continues moving lower and breakout below the previous swing low then traders will drop the bullish scenario.

Today’s critical levels to watch:

Support: 1.2000

Resistance: 1.2300, 1.2416, 1.2500