EUR/USD - Daily Chart
The EUR/USD pair finished higher at 1.2422 on Monday after having bounced-off from the support located at 1.2358. As expected the pair is struggling in the resistance zone of 1.2420-1.2440 today, with the daily RSI bearish at 42.01 levels. Meanwhile, the hourly chart shows, the pair has faced rejection around 1.2440 levels since the yesterday’s US session. Another attempt to take out 1.2440 levels is likely as the hourly RSI, at 52.00, has turned bullish. However, the short-term trend reversal is seen only if the pair manages to post a daily close above 1.2480 levels, accompanied by an upside breakout in the daily RSI. On the other hand, a fresh selling pressure can be anticipated if the pair faces rejection at 1.2440 levels. In such a case, the daily RSI is likely to see a downside breakout, pushing the pair down to 1.2280 levels.
GBP/USD – Hourly Chart
The GBP/USD pair managed to finish higher at 1.5705; well above the trend line resistance on the daily chart located at 1.5685. A fresh sign of weakness is seen today as the pair is back below 1.57 levels, while the hourly RSI has dipped below 50.00 levels indicating a possibility of a further sell-off. However, the pair has a strong support of the daily 5-SMA and 10-SMA levels located at 1.5684 levels. Furthermore, the trend line support for the day is located at 1.5675 levels. Thus, a fresh demand for the Pounds can be anticipated at the current levels, although a short-term trend reversal is seen only above 1.5737 levels. Moreover, the pair is likely to test 1.5880 levels in case of an hourly closing above the resistance located at 1.5737. Meanwhile, the GBP bears would be back if the pair ends the day below 1.5675 levels.
EUR/JPY – Daily Chart
The EUR/JPY pair advanced yesterday to 147.13 levels, after having bounced-off from the 23.6% retracement level of the recent rally. Fresh signs of weakness are being witnessed today as the pair dipped to 146.43 levels, after having failed to sustain gains above the 5-SMA on the daily chart located at 147.09 levels. Accordingly, the daily RSI has inched lower to 64.72 levels. Meanwhile, the hourly chart shows the pair is once again likely to re-test the 23.6% retracement level of the uptrend located at 145.652. Moreover, with the daily RSI inching lower, while the hourly RSI bearish at 40.00, the probability of the pair breaching the 23.6% retracement support is high. However, the pair also has the support of the 10-SMA located at 146.09. Thus, the bears are likely to come-in strong once the pair breaches 145.65 levels on the daily closing basis. As for today, the pair is more likely to remain stuck in range of 146.00-147.00.
EUR/GBP – Hourly Chart
The EUR/GBP pair breached the resistance of the 100-SMA on the daily chart, finishing higher at 0.7922 levels. Not much action is seen today as the pair continues to hover around the 100-SMA level located at 0.7919. The daily RSI as well as the hourly RSI has flattened-out around 51.00 levels. Moreover, the pair has consolidated in a range of 0.7935 -0.79 since yesterday. A fresh selling pressure can be anticipated below 0.7891 levels, which happens to be the 61.8% retracement level of the recent uptrend. However, the pair is more likely to test 0.7950 levels since the bulls have managed to sustain above the 50% retracement level located at 0.7919. The dual support of the daily 100-SMA and 50% retracement at 0.7919 is likely to ensure the pair moves towards 0.7950 levels today.
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 gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.