EUR/JPY
EUR/JPY fell sharply last week after the test on the Fibonacci Retracement level. The pair seems will resume the bearish trend to target a new lower swing low on the chart. However, there is a bullish reaction today which might delay the bearish trend. Traders will maintain short positions with a stop above the previous week’s high. If the pair could erase all of the losses and close above the bearish candlestick 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 continues under bearish pressure and looks will break below the 0.8325 support level soon. The pair will continue the bearish trend and traders should avoid long positions. When the pair stages a bullish correction, traders could wait near the 0.8400 resistance level. A bearish reaction from the resistance level will give traders confirmation to enter short positions targeting a new lower swing low.
Today’s critical levels to watch:
Support: 0.8325
Resistance: 0.8400, 0.8500, 0.8530, 0.8580, 0.8600
GBP/JPY
GBP/JPY got rejected from the 50% Fibonacci Retracement level with strong momentum. The pair is set to continue the bearish trend to target a new lower swing low. Despite the situation, there is no bearish continuation today as the pair attempted to recover from the bearish close last week. We maintain a bearish outlook and suggest traders continue to hold short positions with a stop above the previous week’s high.
Today’s Critical level to watch:
Support: 190.00, 180.00, 178.70
Resistance: 193.50
GBP/CHF
GBP/CHF bearish reactions only last for a short while. The pair bounced from the level near 1.1225 and erased most of the losses last week. If the pair could resume the bullish movement and close above the previous week’s high then the trend will turn bullish. On the lower side, a close below 1.1200 is needed to confirm the bearish continuation.
Today’s critical levels to watch:
Support: 1.1225, 1.1200, 1.1000, 1.0800, 1.0500
Resistance: 1.1360, 1.1400