A fresh demand for the Euros can be anticipated above 1.2740 levels

EUR/USD pair - hourly chart

The EUR/USD pair finished yesterday at 1.2698 levels after having struggled to rise above the 10-day moving average level of 1.2724. The pair is trading around 1.27 levels with the daily RSI bearish at 45.90 levels. On the hourly chart, the pair has faced rejection on multiple occasions to sustain gains above 1.2720 levels, opening doors for a re-test of 1.2680-1.2670 levels today. The hourly RSI, though above 50, is pointing southwards. Moreover, a slump in prices would drag the hourly RSI below 50.00 levels, reinforcing the bearish expectations for the day. We could see a lackluster action in the pair so long as it trades in the range of 1.2740 to 1.2670. A fresh demand for the Euros can be anticipated above 1.2740 levels. On the other hand, prices may dip to 1.2640 levels if the bulls fail to hold the pair above 1.2670 levels.

GBP/USD - hourly chart

The GBP/USD pair finished yesterday at 1.6120 levels, after having failed to extend gains above 1.6140 levels. The pair is trading around 1.6120 today with the daily RSI bearish at 47.90 levels. On the hourly chart, prices have struggled to rise above 1.6130-1.6140 levels since yesterday due to which the hourly RSI struggles to rise further despite being above 50.00 levels. The bears may come-in strong once the pair dips below 1.6112, which is the 23.6% retracement level of the uptrend witnessed earlier this month. The downside in the pair appears restricted at the rising trend line support around 1.6050-1.6060 levels. Meanwhile, a fresh demand for Pounds can be anticipated only above 1.6140 levels.

USD/JPY - hourly chart

The USD/JPY pair finished yesterday below 107.82 levels, although prices managed to sustain above the 5-day moving average level of 107.67. The pair is trading around the yesterday’s closing level after having failed to rise above 108.00 levels during the early Asian trade. On the hourly chart, the pair appears weak with the RSI bearish at 49.37 levels. However, prices bounced back yesterday from the channel support of 107.60 levels. Thus, bears are likely come-in strong once the pair breaches the channel support located at 107.50 levels today. The pair also has a strong support of the rising trend line around 107.63 levels, breach of which shall also push the daily RSI below 50.00 levels. Meanwhile, the bulls are unlikely to have say so long as the pair trades below 108.13 levels.

EUR/GBP - daily chart

The EUR/GBP pair managed to finish yesterday above 0.7874 levels for the fourth consecutive day. Moreover, the prices dipped to 0.7862 before closing above 0.7874 levels, which is the 61.8% retracement level of the uptrend witnessed earlier this month. The repeated failure to sustain below a critical level opens doors for a sharp reversal in the pair. The hourly RSI, slightly above 50.00, has turned bullish with prices likely to rise above the hourly 50-SMA level of 0.7885. However, the upside in the pair appears restricted around the 50-day moving average level of 0.7911. The daily RSI is likely to turn bullish once the pair takes out the resistance at 0.7911 levels. Meanwhile, a daily close below 0.7874 levels is essential for the bears to regain control of the pair. 

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