EUR/JPY
EUR/JPY is under bearish pressure today following the weakness in USD/JPY. However, the pair has not printed a new lower swing low which means the situation could reversed anytime. No conclusion yet on the pair’s next medium-long-term direction. Traders might want to stay sideline and observe the pair movement for now.
Today’s critical levels to watch:
Support: 160.00, 155.00, 154.00
Resistance: 163.00, 165.00
EUR/GBP
EUR/GBP climbed and printed a new higher high. However, the pair lost its bullish pressure and traded lower below the opening level. It seems the pair might consolidate near the 0.8400 level while waiting for the next direction. There is a chance for the pair to fall toward 0.8325. However, the pair could also bounce from the 0.8400 level and resume the bullish movement. We think traders could use the 0.8325 – 0.8400 area as places to scale in long positions.
Today’s critical levels to watch:
Support: 0.8400, 0.8325, 0.8250
Resistance: 0.8500, 0.8530, 0.8580, 0.8600
GBP/JPY
GBP/JPY is under bearish pressure today and it will test the support trendline. Will the pair break lower and continue the bearish movement? Alternatively, will it maintain the positions above the trendline and bounce from it? At the current time, no confirmation yet but traders will continue assuming that the support level will hold on and a bounce could happen. However, if a bearish breakout actually happens, traders will change from a bullish scenario to a bearish one.
Today’s Critical level to watch:
Support: 190.00
Resistance: 193.50, 195.00, 198.00, 200.00
GBP/CHF
GBP/CHF stays inside the green box area and currently is the best place to enter long positions with tight stops below the green box area. As long as the pair stays inside the area, it will continue the ranging movement. When the pair finally break out and close outside the area, traders will trade based on the breakout direction.
Today’s critical levels to watch:
Support: 1.1200, 1.1000, 1.0800, 1.0500
Resistance: 1.1225, 1.1360, 1.1400