EUR/USD - Hourly chart
The EUR/USD pair finished higher at 1.2476 on Tuesday after bouncing-off from the support located near 1.24 levels. Despite the strong recovery post US GDP data, the pair is struggling near 1.2480 levels since the yesterday’s US session. Moreover, the pair struggled to extend gains above the hourly 200-SMA level located at 1.2483. Interestingly, the pair also has a 10-DMA resistance located at 1.2486 levels. Furthermore, the pair also faces a stiff resistance on the daily charts at 1.25 levels. Thus, a fresh demand for the Euros can be anticipated only if the pair manages to confirm a breach of 1.25 on the hourly charts. In such a case, a re-test of 1.2535 and 1.2570 levels looks possible. However, given the bearish daily RSI and repeated failure to rise above 1.2480 levels, the pair is more likely to dip to 1.2440 levels before making another attempt to rise above 1.2480 levels.
GBP/USD – Daily chart
The GBP/USD pair finished higher at 1.5709 on Tuesday leading to bullish crossover between the 5-DMA and the 10-DMA. The pair trades more or less unchanged today around 1.5710 levels, after bouncing-off the from support of of the 5-DMA located at 1.5697. The daily RSI stays bearish at 38.18 levels, although the pair appears bullish on the hourly chart with the RSI at 57.86 levels. Thus, sharp gains in the pair can be anticipated once the pair breaches the hourly resistance located at 1.5738. In such a case, the doors are open for a technical target of 1.5880. However, gains are likely to remain capped around the daily chart resistance located at 1.58 levels. Meanwhile, the GBP bears are unlikely to have say till the pair trades above the trend line support on the daily chart located at 1.5660 levels.
EUR/GBP pair – Daily Chart
The EUR/GBP pair finished higher at 0.7942 on Tuesday after bouncing-off from the 100-DMA support located at 0.7919. However, the pair has declined today to trade at 0.7935, after having failed to sustain gains above the 5-DMA located at 0.7940. Moreover, the daily chart shows a bearish crossover between the 5-DMA and the 10-DMA. Meanwhile, the hourly RSI, at 48.78, has turned bearish. Thus, the pair is likely to re-test the 100-DMA level located at 0.7919 during the European session. A Further slide towards the 50-DMA located at 0.7885 can be anticipated once the pair confirms a break below 0.7919 on the hourly charts. On the other hand, the EUR bulls are unlikely to have a say till the pair trades below 0.7970 levels.
GBP/JPY – Hourly Chart
The GBP/JPY pair ended lower at 185.30 on Tuesday, after having recovered from a low of 184.52 levels. The pair has extended losses today to trade at 184.91 levels, with the daily RSI declining from the overbought zone. Meanwhile, on the hourly chart, the pair has breached the rising trend line during the last US session yesterday. The hourly RSI too is bearish at 42.08 levels. Thus, the pair is more likely to test 184.50 levels today. However, the bears would come-in strong once the pair confirms a break below the hourly 200-SMA level located at 183.95 levels. On the other hand, the immediate upside appears capped at the hourly chart trend line resistance of 185.50.
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