EUR/JPY
EUR/JPY bullish correction continues without major bearish reactions yet. The pair soon will reach the Fibonacci Retracement level where bearish reactions might happen. Traders will wait near the levels for bearish reactions for a chance to enter short positions. We still think the bearish trend will continue and the pair will form a new lower swing high near the Retracement levels. However, if the pair manages to print a new higher swing high then the trend might turn bullish.
Today’s critical levels to watch:
Support: 155.00, 154.00
Resistance: 160.00, 163.00, 165.00
EUR/GBP
EUR/GBP made a bounce from the 0.8325 support level but immediately lost its upward pressure today. The pair might resume the bearish trend to break below the 0.8325 level. However, if the pair manage to maintain the position above 0.8400 then it might range between 0.8325 – 0.8400. Traders will use each bullish correction in the pair as a chance to enter short positions riding the bearish trend.
Today’s critical levels to watch:
Support: 0.8325
Resistance: 0.8400, 0.8500, 0.8530, 0.8580, 0.8600
GBP/JPY
GBP/JPY makes a bullish attempt to surpass the previous swing high to reverse the trend from bearish to bullish. No breakout and close above the level yet which means there is a chance of a bearish reversal. If the pair get rejected with strong bearish pressure then the bearish trend could continue. On the other hand, a close above 193.50 or the previous swing high will confirm the trend reversal.
Today’s Critical level to watch:
Support: 190.00, 180.00, 178.70
Resistance: 193.50
GBP/CHF
GBP/CHF consolidating near the Fibonacci Retracement levels without a major indication of the next direction. The pair will continue trading sideways near the current level and traders will wait for further reactions. In the long term, the trend is bearish. If the pair fall with strong bearish pressure and form a new lower swing low then the bearish trend could continue. However, if the pair could climb and close above the green box area then the trend might turn bullish.
Today’s critical levels to watch:
Support: 1.1225, 1.1200, 1.1000, 1.0800, 1.0500
Resistance: 1.1360, 1.1400