EUR/JPY
EUR/JPY bullish correction has not been completed yet as the pair continues moving upward. There is no bearish sign and the bullish movement gains momentum. If there is no change to the situation, then the pair will reach the Fibonacci Retracement soon. Traders will monitor the pair reactions near the Retracement levels. If there are strong bearish reactions and there is no higher swing high printed then traders could enter short positions. On the upside, if the pair manages to print a higher swing high then it might confirm the bullish double-bottom pattern.
Today’s critical levels to watch:
Support: 155.00, 154.00
Resistance: 160.00, 163.00, 165.00
EUR/GBP
EUR/GBP is under bearish pressure and falls below the 0.8400 support level. The pair is looking to print a new lower swing low to confirm the continuation of a bearish trend. Not much traders can do right now aside from waiting for a strong bullish close above 0.8400 or a new lower swing low. If the pair resumes the bearish trend then 0.8325 is the next target to watch.
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 continues moving upward, entering the Fibonacci Retracement area. The pair will test the area and attempt to print a new higher swing high. If the pair manages to print a new higher swing high then the trend could turn bullish again. On the other hand, a major bearish rejection from the current level might confirm the bearish continuation in the pair.
Today’s Critical level to watch:
Support: 180.00, 178.70
Resistance: 190.00, 193.50
GBP/CHF
GBP/CHF immediately continue the bullish movement after the breakout from the 1.1000 – 1.1225 area. The pair is moving upward, targeting the green box area where there is potential for bearish rejection. It is better to wait sideline for now until the pair forms major bearish reactions near the area before entering short positions. If the pair could print new higher swing high then the trend will continue to be bullish.
Today’s critical levels to watch:
Support: 1.1000, 1.0800, 1.0500
Resistance: 1.1200, 1.1225