EUR/GBP - Lack Of Follow-Through

EUR/CHF

Back below 1.0800.

• EUR/CHF's selling pressures are definitely important above 1.0800. Strong support is given at 1.0686 (18//11/2016 low). Expected to see renewed bearish pressures.

• In the longer term, the technical structure remains positive. Resistance can be found at 1.1200 (04/02/2015 high). Yet,the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

 

EUR/JPY

Bearish consolidation.

• EUR/JPY's bullish momentum is clearly on. despite some downside moves. The pair is back below at 122.01 (23/06/2016 high). The road is wide-open for further increase. Hourly support lies at 118.56 (intraday low). Expected to go further higher but larger downside moves may happen again (profit taking).

• In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. The road is now wide open towards strong support at 94.12 (24/07/2012 low).

 

EUR/GBP

Lack of follow-through.

• EUR/GBP is riding short-term downtrend channel. Hourly support can be found at 0.8304 (05/12/2016 low) while hourly resistance is implied by the upper bound of the downtrend channel.

• In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading far above from its 200 DMA. Strong resistance can be found at 0.9500 psychological level.