EUR USDThe pair neared 50% Fibonacci correction and bearishly reversed due to the effect of the negative signs appearing on momentum indicators. We can expect a base to be built on 1.2565 that represents the previously broken 38.2% Fibonacci correction that has currently turned into support, where it meets with SMA50. This makes us expect the overall bullish trend for this week; targeting 1.2780 then towards 1.3000, requiring mainly the daily closing to be above 1.2470. 
The trading range for today is among the key support at 1.2365 and the key resistance at 1.3000..The short term trend is to the downside as far as 1.3770 remains intact with targets at 1.1700.
GBPUSDThe main resistance 1.5240 showed a strong stance in front of the pair’s bullish trend and this forcing it to descend and retest 61.8% Fibonacci that has currently turned into support at 1.5005, while meeting with SMA 100. Momentum indicators are showing oversold signs, thereby making us expect a bullish trend for this week; targeting primarily reaching 1.5220 then attempting to breach it to pave the way towards more ascending movement, reaching 1.5360 as a key second target. The daily closing below 1.4960 will weaken chances of achieving the expected bullish trend.
The trading range for today is among the key support at 1.4855 and the key resistance at 1.5450. .The short term trend is to the downside as far as 1.5590 remains intact with targets at 1.3800.
USDJPYThe pair continues it’s ascend nearing the retest level for the previously breached bullish channel that has currently turned into resistance and ascended towards 89.55. This upside movement is accompanied by stochastic entering overbought areas, thereby we think that, the expected bearish short term direction to be resumed for overall trading this week; technical targets start at 87.00 then 85.80. Keep in mind that the daily closing must stabilize below 90.60 to maintain chances of achieving these expectations.
The trading range for today is among the key support at 85.80 and the key resistance at 91.45..The short term trend is to the downside as far as 101.65 remains intact with targets at 82.60.
USDCHF
The pair is trading near to resistance for the key bearish channel at 1.0595, where this resistance met with SMA 50 and continues to protect the bearish short term wave. The narrow fluctuation last Friday forced the pair to lose bullish momentum, where negative signs are evident through Stochastic. Therefore, we expect a bearish trend for this week that chiefly targets 1.0265, but keep in mind the importance of the daily closing stabilizing below 1.0645 to maintain chances of achieving these expectations.
The trading range for today is among the key support at 1.0265 and the key resistance at 1.0755..The short term trend is to the upside as far as 1.0200 remains intact with targets at 1.2295.
USDCAD
The pair continues to descend during last week, adding assurances on the bearish trend after breaching the bearish technical pattern’s neckline mentioned in our previous reports at 1.0405, while also stabilizing below SMA 100. The bullish momentum could force the pair to ascend to retest the mentioned neckline before continuing the expected bearish direction for this week; targeting 1.0110 mainly and requires building a base below 1.0440 to prevail.
The trading range for today is among the key support at 1.0000 and the key resistance at 1.0525..The short term trend is to the upside as far as 0.9925 remains intact with targets at 1.1485.
By: Yasir Mubarak
Senior Technical Analyst
[email protected]
www.ecpulse.com