EUR/USD pair - Hourly Chart
The EUR/USD pair finished lower at 1.2171 levels, after closing below the 200-month MA located at 1.2230 in previous two sessions. Nothing much is happening today as the pair trades marginally higher at 1.2180 levels, with daily RSI bearish at 36.39 levels. Meanwhile, the hourly chart shows, the pair is stuck in the range of 1.2180 to 1.2164 levels since the yesterday’s US session. Moreover, the hourly 50-SMA continued to act as a strong resistance yesterday. Thus, the pair may re-test the hourly 50-SMA levels located today at 1.2217, if it manages to rise above 1.2180 levels. On the other hand, a renewed sell-off towards 1.2132 levels can be anticipated if the pair falls below 1.2164 levels.
GBP/USD pair – Hourly Chart
The GBP/USD pair finished lower at 1.5506 levels; breaching the previous cyclical low of 1.5539 on the daily closing basis. A minor correction is being witnessed at the time of writing, as the pair trades at 1.5523 levels, with the daily RSI bearish at 39.91 levels. Meanwhile, the hourly chart shows, the pair has struggled to take out 1.5528 levels since the late US session yesterday. The hourly RSI may have recovered from the oversold zone, although it is still bearish at 44.79 levels. Thus, the pair is likely to re-test the rising trend line support on the hourly chart located at 1.5509 levels, below which losses could be extended to 1.5486 levels. On the other hand, a rise above 1.5528 levels, shall open doors for 1.5550-60 levels on the upside, which also happens to be the 23.6% retracement level of the downtrend on the hourly charts.
EUR/GBP pair – Hourly Chart
The EUR/GBP pair managed to finish slightly higher at 0.7849 levels, after falling-off from the high of 0.7870 levels. The minor gains have been erased today as the pair trades lower at 0.7843 levels, with the daily RSI bearish at 43.16 levels. Moreover, the hourly chart shows, the sell-off from the yesterday’s high has led to a failure of the inverted head and shoulder breakout as the pair fell below the neckline level of 0.7864. Plus, the pair also fell back below the 23.6% retracement level of the downtrend on the hourly charts located at 0.7859. With the bearish daily and hourly RSI, the pair is more likely to extend losses to 0.7835 and 0.7813 levels today. On the other hand, the EUR bulls may return if the pair rises above 0.7870 levels.
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