EUR/USD - Hourly Chart
The EUR/USD pair finished lower on Thursday at 1.2467 levels; well below the 10-DMA located at 1.2488. Further weakness is seen at the time of writing as the pair trades 1.2455 levels, with the daily RSI bearish at 44.35 levels. Moreover, the gains were capped earlier today at the 5-DMA level located at 1.2470. Meanwhile, hourly chart shows, the pair has breached the rising trend line support yesterday, while the hourly RSI, at 41.00, points to further weakness. Thus, the pair may test 1.24 levels today if the 50% retracement support of this week’s uptrend located at 1.2447 is breached on the hourly charts. Overall, the EUR bears are likely to remain in control of the pair so long as it trades below 1.25 levels.
GBP/USD – Hourly Chart
The GBP/USD pair finished lower on Thursday at 1.5741 levels, after having struggled to sustain gains above 1.58 levels. The pair is extending losses today, trading at 1.5716 at the time of writing. Moreover, the pair has dipped below the 5-DMA level located at 1.5733 as well as the support located at 1.5738 on the hourly chart. The daily RSI, once again dipped after struggling near 47.00 levels, while the hourly RSI has flattened around 40.00 levels. Thus, the pair appears weak, although losses appear restricted at the 10-DMA level located at 1.57 levels. Meanwhile, a fresh demand for Pounds can be anticipated if the pair rises back above 1.5738 levels. In such a case, the pair may re-test 1.58 levels. On the other hand, the short-term trend may turn bearish if the pair ends the day below 1.57 levels.
EUR/GBP – Daily Chart
The EUR/GBP pair ended on a flat note at 0.7919, forming a Doji candle. The daily finish was once again above the 100-DMA located at 0.7818 levels. Thus, the pair is showing signs of strength today, trading up at 0.7928 levels, while the daily RSI is bullish at 52.13 levels. Meanwhile, the hourly chart shows, the pair is stuck in a range of 0.79-0.7950 since the beginning of this week. Furthermore, the pair also has a strong resistance of the hourly 200-SMA located at 0.7954. Thus, a sharp move towards 0.79 levels can be expected once the pair takes out 0.7954 levels. On the other hand, the pair may test 0.7850 levels if the lower end of the range is breached. Given the bullish crossover of the 5-week MA and the 10-week MA, the probability of a fall below 0.79 levels is low. However, the upside too, appears capped by 10-DMA located at 0.7950. Thus, the range bound trading is likely to continue for the day.
EUR/JPY - Hourly Chart
The EUR/JPY pair ended lower on Thursday at 146.75, after having repeatedly failed to rise above 147.30 levels in past few sessions. The losses the pair yesterday were not enough to form a bearish crossover between the 5-DMA and the 10-DMA. Thus, the pair has managed to recover today to trade at 147.14 levels, while the daily RSI hovers around 67.00 levels. Meanwhile, the hourly chart shows the pair is moving in a triangle formation with the resistance located at 147.44, while support located at 146.62 levels. Moreover, a breach of the triangle on the downside appears more likely as the pair has struggled near the 5-DMA levels since the beginning of this week. However, the short-term trend depends on the Triangle breakout. An upside breakout shall open doors for a re-test of 148.00-148.30 levels. On the other hand, a downside breakout would push the pair towards 145.80 levels.
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
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.