EUR/JPY
EUR/JPY resumed the bullish movement today with moderate pressure. The pair will soon reach the previous swing high and test it. Traders who have long positions will continue to keep the positions with expectations of a new higher swing high printed. If the pair turns lower again before a new higher swing high is printed then there is a chance of a shift in trend. On the lower side, a movement below the cluster of the Fibonacci Retracement level will cancel the current bullish trend.
Today’s critical levels to watch:
Support: 167.14, 165.81, 163.00, 162.00, 160.00
Resistance: 170.00, 171.51
EUR/GBP
EUR/GBP showed bounce reactions today and immediately reached the 0.8530 level. The pair will test the resistance level and traders will wait for reactions. If the pair reverses lower and forms a strong bearish close then the bearish trend will continue. On the upside, 0.8580 – 0.8600 is the area to watch as a target when 0.8530 is broken. A close below 0.8500 will become a major bearish confirmation.
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 printed two bearish closes on the daily chart but no major movement with strong bearish pressure yet. The pair currently attempting to move upward and print a new higher high. If the pair start another bearish movement then traders will wait near support levels for bullish reactions. 198.00 is the nearest support level to watch as a place to add long positions.
Today’s Critical level to watch:
Support: 198.00, 193.50, 190.00
Resistance: 200.00
GBP/CHF
GBP/CHF has reached the green box area and there are bullish reactions today. If the pair could maintain the positions above the green box area and form a major bullish reaction then the bullish trend could continue. At the current time, traders will use the green box area as a place to enter long positions when there are bullish reactions. However, if a bearish breakout and close below the green box area happen then the trend might turn bearish.
Today’s critical levels to watch:
Support: 1.1600, 1.1530, 1.1225
Resistance: 1.1750