EUR/USD pair - Hourly Chart
The EUR/USD pair finished higher on Tuesday at 1.2515, after failing to sustain gains above the 50-DMA located at 1.2536 levels. The daily RSI is comfortably above 50.00 levels today, despite which the pair is trading weak at 1.2484 levels. The hourly chart shows, the pair is trading below the 23.6% retracement level of the uptrend located at 1.2495 levels. The hourly RSI is bearish at 47.00 levels. Thus, the pair is likely to test 1.2465-1.2455 levels, which happens to be the rising trend line support on the hourly chart, as well as the 5-DMA level. A fresh demand for the Euros can be anticipated around the same levels, given the pair has breached the resistance at 1.25 on a daily closing basis yesterday. In such a case, the pair is likely to test the 50-DMA at 1.2531 levels. On the other hand, EUR bears would come-in strong if the pair declined below 1.2455 levels.
GBP/USD - Daily Chart
The GBP/USD pair finished higher on Tuesday at 1.5737 levels; narrowly failing to breach the falling trend line resistance on the daily chart located at 1.5740. A similar action is being witnessed today as the pair trades lower at 1.5725, after failing to sustain gains at the day high of 1.5755 levels. Despite the sharp rebound witnessed yesterday, the daily RSI is still struggling to rise above the 50.00 levels. Meanwhile, on the hourly chart, 1.5720 has acted as a strong support since yesterday, while the hourly RSI is hovering just above 50.00 levels. Thus, a break below 1.5720 is more likely, which shall push the pair down to 1.5680 levels. On the other hand, GBP bulls would come-in strong above the day high of 1.5756, which could lead to a re-test of 1.5787 levels.
EUR/GBP – Hourly Chart
The EUR/GBP ended marginally lower on Tuesday at 0.7952 levels; although the pair erased gains all the way from 0.8008 to end the day below the previous session’s close of 0.7954. Consequently, the slide has been extended today as the pair trades at 0.7940 levels, with the daily RSI at 53.53 levels. Meanwhile, on the hourly chart, the pair has declined below the 38.2% retracement level of the uptrend located at 0.7941. The hourly RSI, at 44.18 levels, is pointing to a further sell-off in the pair. Thus, the pair is more likely to test 0.7930 and 0.7917 levels today. However, the bullish daily RSI may halt losses near the 100-DMA located at 0.7917. On the other hand, a daily close below 0.7917 shall turn the tables in favor of Pound. Moreover, in such a case, the daily RSI is likely to fall below 50.00 levels, thereby opening doors for a re-test of 0.7880 levels.
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