Forex Technical Cross Pairs Analysis | May 04, 2021

EUR/JPY

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EUR/JPY has reached the 131.50 – 132.00 target area. There is a sign of weakness in the pair which might lead it down to test the blue box area. Traders could observe the reaction and enter long positions when there is a bullish reaction.

Today critical levels to watch:

Support: 130.00

Resistance: 131.50, 132.00, 133.50, 135.00

EUR/GBP

EUR/GBP could not break the 0.8700 – 0.8750 area. The pair made a bearish close yesterday and there is follow-through today. It seems the pair will continue moving lower and target the 0.8600 support level again. We might see ranging movement between 0.8600 – 0.8700 after the test.

today critical levels to watch:

Support: 0.8600, 0.8500, 0.8400

Resistance: 0.8700, 0.8750, 0.8860

GBP/JPY

GBP/JPY seems to undergo ranging movement in the middle of 150.00 – 153.50. The pair expected to continue its bullish movement and target the 153.50 resistance level. Traders will continue to hold long positions with a stop below 150.00 for now.

Today Critical level to watch:

Support: 150.00, 147.50, 145.00

Resistance: 152.00, 153.50, 156.58

GBP/CHF

GBP/CHF recovered its loss and closed near the 1.2700 level. If the pair could continue building bullish pressure and bounce then a double bottom pattern might be formed. No conclusion yet at the current time, traders could use the moment to take speculative long positions with a stop below the previous day’s low.

Today critical levels to watch:

Support: 1.2600, 1.2500, 1.2300

Resistance: 1.2700, 1.2800, 1.2900

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