EUR/JPY
EUR/JPY losing altitude but maintains its position near the Fibonacci Retracement level. We continue to maintain a bearish outlook on the pair and expect it to move lower and target a new lower swing low. At the current time, it is better to continue to stay sideline and wait for further confirmation. As mentioned before, if the pair resumes the bullish movement to test the upper Fibonacci Retracement level then traders will wait for bearish reactions to enter short positions.
Today’s critical levels to watch:
Support: 160.00, 155.00, 154.00
Resistance: 163.00, 165.00
EUR/GBP
EUR/GBP fell below 0.8325 and printed a new lower swing low but immediately recovered and closed above the level. It seems the stop order below 0.8325 already cleared which might trigger a bullish reversal. However, as the overall trend is bearish, traders who enter long positions will stay cautious and place a stop order below Friday’s low. Another bearish attempt below the level will confirm a bearish continuation.
Today’s critical levels to watch:
Support: 0.8325
Resistance: 0.8400, 0.8500, 0.8530, 0.8580, 0.8600
GBP/JPY
GBP/JPY turned lower but has not shown major bearish reactions. It seems the sideways situation in the pair will continue for now. Traders will wait for a major bearish reaction in the pair to add more short positions. When the pair falls below 190.00, it might confirm a bearish continuation to target a new lower swing low.
Today’s Critical level to watch:
Support: 193.50, 190.00, 180.00, 178.70
Resistance: 195.00, 198.00, 200.00
GBP/CHF
GBP/CHF has not left the triangle pattern also not far from the 1.1200 – 1.1225 area. The pair situation is sideways for now and no change to the latest strategy. Traders will wait for the pair to make a breakout from the range to get confirmation on the next direction. Still the same, the next higher high or lower low might confirm the pair’s next direction.
Today’s critical levels to watch:
Support: 1.1225, 1.1200, 1.1000, 1.0800, 1.0500
Resistance: 1.1360, 1.1400