EUR/JPY
EUR/JPY bearish trend continues as the pair moves lower. It will target a new lower swing low on the chart and traders better avoid long positions for now. Whenever the pair starts a bullish correction, traders could wait near the resistance level for bearish reactions to enter short positions. As the pair continues printing new lower swing low and lower swing high, it is better to stick with short positions.
Today’s critical levels to watch:
Support: 160.00, 155.00, 154.00
Resistance: 163.00, 165.00
EUR/GBP
EUR/GBP made several bullish closes on the chart but without strong momentum. The pair might trade sideways not far from the 0.8400 level and traders will continue to monitor the price reactions. Currently, the pair might attempt to start a bullish correction and it is a chance for traders to enter short positions near the resistance level. When the pair breaks out and closes below 0.8400, it will confirm the bearish trend continuation.
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 is mostly lower, following the EUR/JPY movement to target a new lower swing low on the chart. The pair is in a bearish trend now as it printed a new lower swing high in the previous bullish attempt. If the pair could print a new lower swing low, the long-term trend will continue to be bearish. On the other hand, a new higher swing low and higher swing high could delay the bearish trend.
Today’s Critical level to watch:
Support: 180.00, 178.70
Resistance: 190.00, 193.50
GBP/CHF
GBP/CHF breakout and closed below 1.1000 which means the bearish trend will continue. However, the pair made a bullish recovery today and returned to the breakout level. If the pair close above 1.1000 also erased all of the loss then we might see further bullish attempts. As long as there is no close above 1.1225, the trend will continue to be bearish. A close above 1.1225 might turn the trend bullish for the medium term.
Today’s critical levels to watch:
Support: 1.1000, 1.0800, 1.0500
Resistance: 1.1200, 1.1225