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FX Majors: Bullish, Bearish, And Unknown

By Faraday Research (Matt Simpson)ForexDec 10, 2018 04:38AM ET
www.investing.com/analysis/fx-majors-overview-200366494
FX Majors: Bullish, Bearish, And Unknown
By Faraday Research (Matt Simpson)   |  Dec 10, 2018 04:38AM ET
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We take a look at the daily charts of EUR/USD, GBP/USD and USD/JPY to highlight key levels and patterns.

EUR/USD Daily

  • Euro continues to show potential to carve out a base.
  • A higher low has formed at 1.1267 with a bullish engulfing candle. A break above 1.1500 confirms a bullish reversal.
  • Range trading strategies are preferred whilst prices remain within the 1.1216 – 1.1500 area.

EURUSD Daily
EURUSD Daily

GBP/USD Daily

  • GBP/USD is coiling up ahead of tomorrow’s parliamentary vote on the Brexit plan.
  • We’d want to see a break of the June 17th low before assuming a run towards 1.2365.
  • For a counter-trend move the 1.2928 high becomes the first target.

GBPUSD Daily Chart
GBPUSD Daily Chart

USD/JPY Daily

  • USD/JPY looks set to extend losses after breaking its March trendline.
  • Bias remains bearish whilst below 113.24.
  • A break of Thursday’s low brings the 111.38 low into focus.

USDJPY Daily Chart
USDJPY Daily Chart

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FX Majors: Bullish, Bearish, And Unknown
 

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FX Majors: Bullish, Bearish, And Unknown

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