EURUSD consolidates above 1.08 base; hourly cloud top offers initial barrier at 1.09

EURUSD

The Euro closed in green on Friday, pausing strong three-day fall. Bears found footstep at 1.08, where hourly base is formed. This marks solid near-term support, which is reinforced by rising daily 20SMA and former low of 07 Dec.
Bounce off 1.08 confirms near-term range, established between 1.08 and 1.1058, also daily 20SMA as support and 200SMA as the upper boundary. Daily indicators are bullishly aligned, but mixed setup of daily MA’s suggests prolonged range-trading, while the price remains entrenched within range limits.
On the other side, weak structure of near-term studies, sees limited upside attempts, as initial barrier at 1.0900, Fibonacci 38.2% of 1.1058/1.0800 / hourly Ichimoku cloud top, stays intact for now. Break here is needed to spark stronger recovery and neutralize existing threats of renewed attack at 1.08 base and fresh bearish acceleration, expected on sustained break lower.

Res: 1.0900; 1.0925; 1.0960; 1.1009
Sup: 1.0840; 1.0800; 1.0770; 1.0725






GBPUSD

Cable trades in extended consolidation above fresh eight-month low at 1.4863, posted last week. Strong four-day fall off 1.5237 peak was so far contained by weekly bear-channel support line, guarding another strong support zone at 1.4830/12, lows of 2013.
Structure of daily studies is negative and favors bearish resumption, after consolidative phase.
Clear break below bear-channel support, may trigger fresh acceleration lower, for full retracement of 1.4563/1.5928 rally.
Hourly studies hold neutral tone, while bearish setup on 4-hour chart sees limited upside attempts, before fresh bearish acceleration.
However, caution is required, as daily slow Stochastic is oversold. Bullish signals will be generated on sustained break above psychological 1.50 barrier, Fibonacci 38.2% of 1.5237/1.4863 downleg, reinforced by daily 20SMA.

Res: 1.4951; 1.5000; 1.5050; 1.5099
Sup: 1.4881; 1.4863; 1.4830; 1.4812






USDJPY

The pair holds within narrow range, consolidating Friday’s sharp fall that dipped to 121.04 low and retraced over 76.4% of 120.33/123.53 recovery rally.
Near-term price action holds under initial barriers at 121.45/58, daily Ichimoku cloud top / 200SMA, with break here and 122 barrier, Fibonacci 38.2% of 123.53/121.02 fall, required to signal stronger recovery.
Technicals remain weak on all timeframes and see limited upside actions for now. Close above daily 20SMA at 122.27 is required to confirm reversal, otherwise, likely near-term scenario sees lower top formation and fresh weakness through 121 handle, for full retracement of 120.33/123.53 rally.

Res: 121.58; 122.00; 122.27; 122.86
Sup: 121.04; 120.56; 120.33; 120.00





USDCAD

The pair enters extended consolidation, after initial attack at psychological 1.40 barrier failed. Friday’s Doji confirms indecision, as daily studies are oversold but no reversal signal being generated so far.
The second consecutive strong weekly bullish close gives bullish signals, however, caution is required as weekly studies are also overbought.
Consolidative action should be ideally contained by rising daily 10 SMA, while extension below 20SMA will be seen as signal for stronger correction.
Sustained break above 1.40 zone, also lower top of May 2004, to signal bullish resumption and expose next targets at 1.4190, June 2003 lower top and 1.4500, Fibonacci 76.4% retracement of multi-year 1.6191/0.9048 descend.

Res: 1.3960; 1.4000; 1.4079; 1.4206
Sup: 1.3904; 1.3853; 1.3796; 1.3755