EUR/USD is achieving some kind of correction following the string series of declines seen this week. However, trading below 38.2% Fibonacci at 1.1200 in addition to stability below moving averages 20 and 50 keeps the bearishness intact.
ADX is attempting to overlap positively, while RSI shows signs of recovery; thereby, we may witness fluctuation.
To recap, trading below 1.1290 may re-new the downside actions and breaching 1.1200 will accelerate.
Support: 1.1170-1.1125-1.1055
Resistance: 1.1200-1.1260-1.1290
Recommendation: Sell with targets at 1.1125 and stop loss above 1.1300.
GBP/USD failed to maintain levels below moving averages and started to move higher once again.
The pair is presently trading above 23.6% Fibonacci, but below SMA20; thereby, we believe that. It may move lower once again with a move back below 1.5755 and a breakout below SMA50 at 1.5720.
Support: 1.5755-1.5700-1.5645
Resistance: 1.5800-1.5860-1.5900
Recommendation: Sell with a breakout below 1.5720 and stop loss above 1.5800.
The pair has failed to stabilize below 0.9220 and therefore, the bearish scenario discussed earlier for intraday basis failed.
However, we can’t follow bulls in the current trading levels, since price are presently struggling with the downtrend line connected the movements during the past three months.
The sensitivity of current trading levels makes (risk versus reward ratio) inappropriate.
A break above 0.9360 regions with a daily closing will affirm reversal.
Support: 0.9250-0.9220-0.9180.
Resistance: 0.9360-0.9425-0.9500.
Recommendation: Stand aside.
The pair has been able to move slightly upwards, but during the previous hours, some kind of pause was witnessed due to RSI14 nearing overbought regions as seen on the provided four-hour chart.
The new clue level resides at 124.35 and it should be taken out to affirm this week’s upside moves; otherwise the pair will move again to the downside within the recently established range.
Support: 123.45-122.90-122.40
Resistance: 124.35-124.75- 125.00
Recommendation: Stand aside.