EUR/USD: Technical Analysis
This pair has almost breached the powerful support within the formerly mentioned range of 1.2550/30; now it’s attempting to fix below, and the trading is carried at 1.2530/20. If the “Bears” manage to do it, by the way, the confident reversal down of the indicators speaks well for the high probability of this kind, the implementation of the yesterday mentioned scenario will be obvious – i.e., the price will go ahead sagging down and after the short cease at 1.2510/00 will go further, down to 1.2460 and then till 1.2400. In other words, the target will be at the trend line of the upgrading channel (the red lines).
Otherwise, the comeback upward, above 1.2620, will determine the change of the market environment.
GBP/USD: Technical Analysis
The previously spoken concerns about the probable accomplishment of the classic scenario of the price return to the trend line thereupon the breach targeting to checkup endurance of the changed state of the latter, in this context – the former support’s turn into the resistance, came true. The trades came back from the support at 1.4950 to resistance at 1.5080/60, which currently coincides with that very same trend line. So, the “Bulls” are making efforts to get back the price into the upgrading channel’s sector. All attacks are being repelled still yet. Despite that, they will be continued, and if the breach occurs it will be reasonable to set mind on the resuming of the upturn with the initial target at the current local maximums at 1.5220/40. At the same time, the indicators’ mood speaks well in favor of the decline’s renewal, though not so intensively as before.
Summarizing all said above, it’s reasonable to urge caution and wait until clarification of the situation, because the upraise above 1.5110/20 will point to the beginning of the advance, while the tumble below 1.4950 will note both the continuation of the downgrading trend and also the high probability of checkup of the support range of 1.4820-1.4780 in near time.
USD/JPY: Technical Analysis
No more attempts to breach the resistance at 89.20 succeeded: the price went ahead sagging down slowly and has approached to the key support at 88.20 up to the point; it currently resides at 88.40/50. As mentioned above, the breach of this very degree will point at the comeback to the mid-term “bearish” trend. The indicators’ values are tinted “bearish”, and that n its turn speaks well in favor of enough probability of further decline. Otherwise, if the support remain undamaged this time again it’ll be reasonable to presume a relatively prolonged trades’ consolidation within the range, which is edged between 89.20/10-88.20.
On the other hand, the breach of the resistance at 89.20 will afford grounds for foreseeing the upturn’s continuation into the price range of 90.00-90.50.
Analysis by: Forex4you written by Joaquin Monfort
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