EUR/USD pair – Daily Chart
The EUR/USD pair ended higher yesterday at 1.2535, after having bounced-off from the support located at 1.2450 levels. The pair trades slightly lower at 1.2518 levels today, with the daily RSI bearish at 46.26 levels. Moreover, the pair has closed above 1.2530 levels opening doors for a re-test of 1.2580 today. Meanwhile, on the hourly chart, the pair appears on its way down toward 1.25, after struggling near 1.2540 levels yesterday. The hourly RSI has turned lower and indicates further downside in the pair. However, a fresh demand for Euros can be anticipated near the 5-SMA level of 1.25. The pair is more likely to test the 50-SMA level of 1.2670, once the 1.2580 resistance is breached. On the other hand, EUR bears may return only below 1.2466 levels.
GBP/USD pair – Daily Chart
The GBP/USD pair ended lower yesterday at 1.5631, after having faced rejection near the 10-SMA level of 1.5687. The pair is trading slightly lower around 1.5620 levels today with the daily RSI oversold at 27.45 levels. Meanwhile, on the hourly chart, the pair has bounced-off once again from the support located at 1.56, although the hourly RSI is still bearish at 42.77 levels. However, the pair is likely to witness a pullback towards 1.57 levels, if it manages to sustain above 1.56 levels during the European session. Moreover, a daily close above the trend line resistance at 1.5690 shall open doors for 1.5750 levels. Overall, the pair should trade rangebound with losses capped around 1.56, while gains capped around the 10-SMA level of 1.5750.
EUR/GBP pair – Daily Chart
The EUR/GBP pair ended higher yesterday at 0.8019, after bouncing-off from the 5-SMA level located at 0.7958. The pair currently trades largely unchanged at 0.8015, with the daily RSI bullish at 66.30 levels. Meanwhile, the hourly chart shows a formation of Price-RSI bearish divergence, which may push the pair down to 0.7990 levels. However, a fresh demand for Euros can be anticipated around 0.80 levels, with the upside capped around the 200-SMA level currently located at 0.8054. Meanwhile, the bears may come-in strong if the pair breaches the support at 0.7970 levels.
GBP/JPY pair – Daily Chart
The GBP/JPY pair ended higher yesterday at 182.77, although the pair could not sustain gains at the day’s high of 183.345. Moreover, the pair faced rejection near 183.40 levels for the second consecutive yesterday. GBP/JPY currently trades at 183.25 levels, with the daily RSI bullish at 68.09 levels. Meanwhile, on the hourly chart, the pair is once again faced rejection near 183.40 levels today. However, a fresh selling pressure can be anticipated only if the pair breaches the support located at 183.00 levels. In such a case, the downside appears restricted around 182.25 levels. On the other hand, the pair may re-test 184.60 levels, if the pair manages to confirm a breach of 182.40 resistance level on the hourly chart.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
GBP/USD rises above 1.3300 after UK Retail Sales data
GBP/USD trades with a positive bias for the third straight day on Friday and hovers above the 1.3300 mark in the European morning on Friday. The data from the UK showed that Retail Sales rose at a stronger pace than expected in August, supporting Pound Sterling.
USD/JPY keeps BoJ-led losses below 142.50, Ueda's presser eyed
USD/JPY remains in the red below 142.50 after the Bank of Japan announced on Friday that it maintained the short-term rate target in the range of 0.15%-0.25%, as widely expected. Governor Ueda's press conference is next in focus.
Gold consolidates weekly gains, with sight on $2,600 and beyond
Gold price is looking to build on the previous day’s rebound early Friday, consolidating weekly gains amid the overnight weakness in the US Dollar alongside the US Treasury bond yields. Traders now await the speeches from US Federal Reserve monetary policymakers for fresh hints on the central bank’s path forward on interest rates.
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum
Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.
Bank of Japan set to keep rates on hold after July’s hike shocked markets
The Bank of Japan is expected to keep its short-term interest rate target between 0.15% and 0.25% on Friday, following the conclusion of its two-day monetary policy review. The decision is set to be announced during the early Asian session.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.