EUR/USD pair - Hourly Chart
The EUR/USD pair finished lower on Wednesday at 1.2342 levels, after failing once again to sustain gains above 1.25 levels. The sharp decline witnessed yesterday pushed the daily RSI, back below 50.00 levels. No major action is being witnessed as the pair trades largely unchanged at 1.2342 levels. Meanwhile, on the hourly chart, the pair is trading well below the 61.8% retracement of the uptrend located at 1.2371. Thus, the pair likely to test 1.23 levels today. Further losses in the pair are unlikely since the hourly RSI would be oversold once the pair falls to 1.23 levels. Hence, a fresh demand for the Euros can be anticipated around 1.23 levels. In such a case, the pair is likely to test 1.2371-1.2390 levels.
GBP/USD pair – Daily Chart
The GBP/USD pair finished lower on Wednesday at 1.5571 levels, after facing rejection near the channel resistance on the daily chart during the European session yesterday. However, the pair did manage to end above the channel support on daily chart located at 1.5545. Consequently, the pair is trading marginally up today at 1.5587, with the daily RSI bearish at 41.46 levels. Meanwhile, on the hourly chart, the pair is struggling to rise above 1.56 levels. The hourly RSI too, is bearish at 35.49 levels. Thus, the pair is likely to re-test 1.5550-1.5530 levels today. A fresh demand for Pounds can be seen around those levels, although gains are likely to be capped around 1.5640 levels. On the other hand, a break below 1.5539, shall open doors for 1.5428 levels.
EUR/GBP pair – Hourly chart
The EUR/GBP pair finished lower on Wednesday at 0.7925 levels, breaching the 5-DMA support located yesterday at 0.7927. Consequently, the losses have been extended today as the pair trades weak at 0.7914 levels. The daily RSI now hovers exactly at 50.00 levels. Meanwhile, the hourly chart shows, the pair is trading at the hourly 200-SMA located at 0.7914 levels. Moreover, the pair has repeatedly sought the support of the hourly 200-SMA since yesterday. However, with the hourly RSI bearish at 35.85 levels, the pair is more likely to breach 0.7914 and extend losses to 0.79 levels. On the other hand, the EUR bulls may come-in strong once the pair rises above 0.7940 levels.
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