EURUSD is trading lower at 1.2752 levels today

EUR/USD

The EUR/USD pair finished below 1.28 levels on Friday, after having hit a high of 1.2838. Moreover, the prices struggled to breach the 1.2840 resistance levels since Thursday which pushed the pair lower. The pair is trading lower at 1.2752 levels today, after the prices failed to take out the 5-day moving average resistance level of 1.2764. Given that the daily RSI is hovering below 50.00, we could see the pair falling to 1.2740 levels. On the hourly chart, a breach of 1.2730-1.2740 support levels can send the pair down to 1.2660 levels. The hourly RSI, too, is pointing to a further sell-off in the pair. The failure to sustain above 1.28 levels has shifted the momentum in favor of the bears. Meanwhile, the bulls may be able to regain control if the pair manages to rise above 1.2840 levels.

GBP/USD

The GBP/USD pair finished marginally lower below 1.61 levels on Friday, after the pair bounced back from the 5-day moving average level of 1.6038. The pair is trading in a sideways manner around 1.6090 levels today as the prices struggle to take out the resistance level of 1.6120. The hourly chart shows prices have struggled multiple times to rise above 1.6120 levels, while the RSI continues to fall towards 50.00 levels. Moreover, the daily RSI is still hovering below 50.00 levels despite of a 250-pip rally in the pair. Thus, we could see the pair falling to 1.6060 levels today. The bears would be back if the pair fails to sustain above 1.6060 levels. On the other hand, a fresh demand for Pounds can be anticipated once the pair manages to take out 1.6120 levels.

EUR/GBP

The EUR/GBP pair is trading below the 50-day moving average level of 0.725, after the price failed to sustain gains above 0.8 levels during the last week. The pair managed to hit a high of 0.7932 today, before falling to 0.7922 levels. The hourly RSI is very close to oversold region, which may see the pair re-test 0.7940-0.7950 levels. However, a fresh demand for Pounds can be anticipated around 0.7950, as the daily RSI is close to breaching 50.00 levels on the downside. Interestingly,0.7950 also happens to be the 100-day moving average level of the pair. The bears are likely to be in control so long as the pair trades below 0.79580 levels. On the downside, 0.7890 levels should act as a strong support for the pair.

USD/JPY

The USD/JPY pair rallied on Friday tracking the recovery in the US Treasury yields. The pair bounced from the 50-day moving average level of 106.23 to finish last week at 106.90 levels. The pair is trading today at 107.26 levels, although the prices have struggled to take out the resistance of 107.41. Moreover, the hourly RSI is declining from the overbought zone, indicating the pair may fall back below 107.00 levels. The Daily RSI, too, is hovering below 50.00 levels despite a strong bounce back witnessed in the last two trading sessions. The pair is likely to consolidate in a range of 107.41 to 106.60 levels today as the daily RSI struggles below 50.00 levels. A clear breakout from the range is likely to be driven by the movement in the US treasury yields. However, the probability of such a breakout is low today, since no major data are due for release out of the US.