EURUSDThe pair was able to surpass 1.2600 to achieve its highest level yesterday around 1.2660, but due to the negative pressure on the pair to attempt some bearish correction; therefore we can expect to build a base on 1.2540 – 23.6% Fibonacci from the last ascend that started from 1.2150– before resuming the bullish direction over intraday basis. The key targets are around 1.2780, but keep in mind that the breach of 1.2470 holds the keys to make our suggested scenario fail.
The trading range for today is among the key support at 1.2470 and the key resistance at 1.2780.
The trading range for today is among the key support at 1.5000 and the key resistance at 1.5300.
USDJPYThe sideway range continues gripping the pair’s trading as shown above, where the positivity of momentum indicators will add strength to support for this range at 87.30. In overall, our previous expectations will remain intact as we expect a bearish intraday trend that will start with the breach of 87.30 to pave the way towards 86.60 then 85.35. Keep in mind the importance of trading below 88.00 – 88.40 to insure achieving the suggested scenario.
The trading range for today is among the key support at 85.80 and the key resistance at 88.40.
The pair stabilized below support for the previously breached symmetrical triangle pattern to currently touch resistance for the bearish short term channel at 1.0630; therefore we expect a bearish trend today supported by stability below the MA 50, where technical targets start at 1.0500. We point out that these expectations depend on stability below 1.0670 – 1.0690 to prevail.
The trading range for today is among the key support at 1.0425 and the key resistance at 1.0700.
The pair was able to breach the awaited support yesterday at 1.0555 nearing closely primary targets around 1.0470, while quickly rebounding to the upside due to the effect of the MA 100 that forms strong support in front of the pair’s descend. We see that current trading will retest breached support and therefore we can expect a bearish trend over an intraday basis; targets start at 1.0470 then 1.0405. Keep in mind that the breach of 1.0580 and building a base above it will postpone the suggested scenario.
The trading range for today is among the key support at 1.0405 and the key resistance at 1.0670.