EUR/JPY
EUR/JPY sharply lower in today’s trading session and has reached the 171.51 level. The pair looks slightly higher after the touch on the 171.51 level but it might resume the bearish movement and breakout below the support level. If the pair continue moving lower then it will attempt to test the 170.00 level. Further weakness and a new lower swing low on the chart will confirm a bearish continuation in the pair.
Today’s critical levels to watch:
Support: 171.51, 170.00
Resistance: 176.66
EUR/GBP
EUR/GBP extends the bearish movement toward the 0.8400 support level and might reach it soon. Traders will observe the pair reactions near the support level. If the pair could bounce upward with strong bullish momentum then traders could consider entering speculative long positions. However, if the pair breaks and closes below 0.8400 then the bearish trend could continue for the long-term. It might be best for traders to stay sideline for now before deciding to enter positions.
Today’s critical levels to watch:
Support: 0.8400, 0.8325
Resistance: 0.8500, 0.8530, 0.8580, 0.8600, 0.8700, 0.8750
GBP/JPY
GBP/JPY turned lower with strong bearish momentum today. The pair has erased all of the weekly gains and will attempt to continue the bearish movement toward 200.00 – 200.50. As mentioned before, the current bearish movement is a bearish correction as long as there is no lower swing low printed on the chart. Traders will use support levels as places to enter long positions when there are bullish reactions.
Today’s Critical level to watch:
Support: 200.50, 200.00, 198.00, 193.50, 190.00
Resistance: 208.86
GBP/CHF
GBP/CHF extended the bullish movement yesterday and closed above the green box area also 1.1530. The pair has confirmed a new bullish leg and will attempt to extend the upward movement to print a new higher swing high. Traders will observe the pair movement inside the 1.1530 – 1.1600 area now. Each bearish movement toward the green box area are chance for traders to add more long positions with a stop below the area.
Today’s critical levels to watch:
Support: 1.1225, 1.1200
Resistance: 1.1360, 1.1530, 1.1600, 1.1750