EUR/USD pair- Hourly Chart
The EUR/USD pair finished marginally lower on Monday at 1.2435 levels, after facing rejection near 1.2480-1.25 levels. Another attempt to take out the resistance at 1.2480-1.25 may be made today as the pair trades higher at 1.2463, with the daily RSI bullish at 50.77 levels. Moreover, the pair has bounced-off from the 5-DMA located at 1.2437 levels. On the hourly chart, the pair has recovered to trade above the rising trend line support located at 1.2453 levels. The hourly RSI too, is in support of a further up move in the pair. Thus, the pair is more likely to re-test 1.2480-1.25 levels, breach of which shall open doors for 1.2530 levels. Given the bullish daily RSI, the pair is more likely to test 1.2530 levels today. Meanwhile, the EUR bears are unlikely to have a say so long as the pair trades above the 5-DMA located at 1.2437 levels.
GBP/USD Pair – Daily Chart
The GBP/USD pair ended lower on Monday at 1.5631, after having failed to rise above the falling trend line resistance located on the daily chart at 1.5750 levels. A slight gain is seen today as the pair trades higher at 1.5659 levels, with the daily RSI bearish at 44.04 levels. Meanwhile, the hourly chart shows, the pair is struggling near a technical resistance at 1.5660. A fresh selling pressure can be anticipated if the pair fails to rise above 1.5660. In such a case, the pair is likely to re-test 1.56 levels. On the other hand, the immediate upside appears capped in the 20-pip range of 1.5668-1.5688. Overall, the pair is likely to be sold on rallies. The GBP bulls are likely to stay on the sidelines so long as the pair trades below the falling trend line resistance on the daily charts.
EUR/GBP Pair – Hourly Chart
The EUR/GBP pair finished higher on Monday at 0.7954, after bouncing-off from the 10-DMA support located at 0.7917 levels. However, the pair failed to breach the 61.8% retracement level located at 0.7961. Similar action is being witnessed today, as the pair failed to take out 0.7961 levels. On the hourly chart, a breach of support at 0.7950, shall push the pair down to 50.00% retracement level at 0.7937. Both the daily and the hourly RSI are bullish. Hence, a fresh demand for Euros can be anticipated on the dips. However, the EUR bulls would come-in strong once the pair breaches resistance at 0.7978 levels. In such a case, the pair is more likely to test the 200-DMA located at 0.8023. On the other hand, the EUR bears would come-in once the pair confirms a breach of support at 0.7937 levels on a daily closing basis.
USD/JPY – Daily Chart
The USD/JPY pair finished lower on Monday at 117.72 levels, after it failed to sustain gains above the 5-DMA located at 118.61 levels. The losses have been extended today as the pair trades at 117.33; a few pips away from the support on the daily chart at 117.235. Meanwhile, on the hourly chart, a bullish Price-RSI divergence is seen. Hence, the pair may re-test 117.80 levels before resuming its downtrend. Moreover, the Positive divergence would fail if the pair dips below 117.12 levels, thereby pushing the daily RSI below 50.00. In such a case, the pair is likely to test 116.20 levels on the downside.
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