EUR/USD
Since the pair breached 1.4110 to the downside, the confirmation was provided for the classical bearish pattern, shown in the side image above. This technical pattern targets 100% extension at 1.3965 levels, where we see the pair now retesting the breached neckline for this pattern. The descending channel that pattern has constructed, with its resistance level at 1.4275, will keep the downside wave valid as far as trading is intact below it, also affected by the 50 MA at 1.4230. Thus, today’s headings are to the downside but stochastic is showing the pair is attempting to move to the upside, yet if that was seen it will only be a correctional move to gather more bearish momentum to continue the move to the downside.
The trading range for today is among the key support at 1.3840 and the key resistance at 1.4460.
The general trend is to the downside as far as 1.4720 remains intact with targets at 1.2120.
Support : 1.4070 1.4020 1.3990 1.3965 1.3930
Resistance : 1.4110 1.4185 1.4230 1.4275 1.4315
Recommendation : Based on the charts and explanations above our opinion is selling the pair from 1.4100 To 1.3965 and stop loss above 1.4185, might be appropriate.
GBP/USD
The pair continues to trade bearishly affected by the negative pattern and the construction of a descending channel over intraday basis, where its resistance is seen at 1.6500, associated with the 20 MA at level 1.6480. The pair now is retesting the resistance level and the neckline, for the pattern shown in the image above, to unload some momentum as the pair is trading in oversold areas; nevertheless, we are sticking to the classical analysis and the negative crossover on MACD, where we expect the pair to move to the downside over intraday basis, without ruling out the possibility for some upside corrections. The 1.6600 levels need to remain intact to preserve our bearish outlook for the pair.
The trading range for today is among the key support at 1.5970 and the key resistance at 1.6750.
The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7100.
Support : 1.6305 1.6285 1.6225 1.6180 1.6020
Resistance : 1.6390 1.6480 1.6500 1.6565 1.6600
Recommendation : Based on the charts and explanations above our opinion is selling the pair from 1.6390 To 1.6220 and stop loss above 1.6500, might be appropriate.
USD/JPY
The pair resumed trading above 50% correction after gaining enough upside momentum from the previous 61.8% correction level at 94.10; where we can see the pair heading towards retesting previously breached support levels which have now become strong resistance levels. Momentum indicators are assuring the expected upside correction, where ADX is losing its downside strength with the possibility of forming a weak upside direction. All these signs are making us favor the upside correctional move for today which will prevail as long as 94.10 remains intact. Nevertheless, this upside move is merely correctional for the pair to gather more downside momentum to resume the bearish short term wave.
The trading range for today is among the key support at 92.10 and the key resistance at 96.85.
The general trend is to the upside as far as 102.60 remains intact with targets at 84.95 and 82.60.
Support : 94.10 93.70 93.15 92.75 92.10
Resistance : 95.10 95.10 96.00 96.85 97.25
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