Forex Technical Cross Pairs Analysis

Forex Technical Cross Pairs Analysis | February 28, 2024

By Harry February 28, 2024, 10:21 am • Posted in Forex

EUR/JPY

EUR/JPY seems losing the bullish pressure after the previous day’s bearish close. The pair might be ready for a bearish pullback to retest the horizontal broken level. If the pair moves lower and manages to bounce from the level then traders could add long positions. At the current time, no higher swing high has formed yet on the chart. If the pair’s bearish movement forms a new lower swing low then the bullish scenario will be changed to bearish.

Today’s critical levels to watch:

Support: 160.00, 155.00, 154.00, 151.50, 148.50

Resistance: 162.00, 163.00

EUR/GBP

EUR/GBP was mostly sideways after the rejection from the 0.8580 – 0.8600 area. The pair currently hovering below the area and now lower low or higher high formed yet. No confirmation yet on the next movement. However, the next higher high or lower low might become the confirmation of the pair’s next movement.

Today’s critical levels to watch:

Support: 0.8400, 0.8325

Resistance: 0.8580, 0.8600, 0.8700, 0.8750

GBP/JPY

GBP/JPY made a bearish close yesterday and there is a bearish follow-through today. Despite the bearish pressure, there is no movement below yesterday’s low yet. The pair might continue trading inside the candlestick range and we might not see a bearish correction. However, if a bearish correction happens then traders could wait near 188.50 and 190.00 for bullish reactions. When there are bullish reactions, traders could enter long positions.

Today’s Critical level to watch:

Support: 188.50, 186.00, 184.00, 182.45, 178.50

Resistance:

GBP/CHF

GBP/CHF continues trading sideways inside the 1.1100 – 1.1200 area. The pair need to breakout and close above 1.1200 to confirm the bullish continuation. On the lower side, if the pair starts moving lower again and forms a lower swing low then the bearish trend could continue. At the current time, traders better await the formation of higher swing high or lower swing low to confirm the direction.

Today’s critical levels to watch:

Support: 1.1100, 1.1060, 1.0500, 1.0000

Resistance: 1.1200, 1.1530, 1.1600, 1.1750