Fluctuations continue due to RSI14 touching the key momentum support level of 30.00 as seen on the provided daily chart.
Many analysts talked about BOJ intervention, as the pair has bounced about 200 pips in one minute yesterday, but since then, the directionless actions started to be very strong.
Over short-term basis, we are bearish on the pair based on the classical H&S pattern explained many times before, but we look forward to catch a good entry point to avoid unexpected strong corrective actions.
To recap, we will avoid trading the pair ahead of the weekly closing and we may re-enter the market later; noting that, all extreme targets we hinted at earlier have been reached.
Support: 112.20-111.65-111.05
Resistance: 113.00-113.60-114.20
Direction: Bearish, but strong fluctuations prevent us from suggesting new positions.
The bounce from 76.4% Fibonacci continued to be seen, as the pair has moved about 100 pips above 0.9760 regions influenced by RSI14 touching oversold areas.
We can’t depend on this recovery to say that, the upside correction started, as the bigger picture is bearish ahead of the weekly closing.
The levels to watch are 0.9800 and 0.9720, as a break of one of them with a daily closing will offer a new trading chance.
We will be neutral today after reaching the main target we defined with the opening of this week at 0.9670.
Support: 0.9700-0.9675-0.9630
Resistance: 0.9785-0.9805-0.9855
Direction: Neutral
GBP/USD attempts to incline where 38.2% Fibonacci stopped the upside recovery at 1.4525.
But, ADX remains positive and RSI stabilizes above the value of 50.00, while moving averages carries the movements from the underside
Of note, stability above 1.4525 is required to extend the bullishness.
Support: 1.4480 – 1.4435 – 1.4380
Resistance: 1.4525 – 1.4585 – 1.4600
Direction: Bullish attempt
EURO declined sharply with the European session opening, but it is still supported by moving average 20 at 1.1275.
ADX shows strong bearishness, while RSI shows bearish tendencies, but we will see how the pair will behave at 1.1215 and 1.1175.
On the upside, trading below 1.1285 will keep the chance for bearish recovery available today.
Support: 1.1215 – 1.1175 – 1.1120
Resistance: 1.1285 –1.1335 – 1.1385
Direction: Potential bearish correction