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The Euro continued to drop against the Yen as well, as the pair breached the 100 days MA at 164.52 and the 50% correctional level at 164.25 which further deepened the strong downside wave that was already taking place, the pair seems to be heading towards the 61.8% correctional level at 162.89 which should be able to provide the pair with strong upside momentum, yet if that level was breached the pair will face the 200 days MA at 162.11 which is the last defense line against the downside wave.
| Support | 163.30 | 162.89 | 162.47 | 162.11 | 161.70 |
| Resistance | 163.78 | 164.25 | 164.52 | 164.85 | 165.20 |
| Recommendation | ... | ||||
GBP/JPY
The Pound declined against the Yen as the pair broke through the support for the medium term upside channel at 211.09, this provided the pair with huge downside momentum that led the pair to breach the 38.2% correctional level at 209.74, and now the pair is trading near the critical support at 208.94 which might be able to stop the pair's downside wave, but if it doesn’t the pair will continue moving downside to reach the 50% correctional level at 207.79 which is further supported by the 100 days MA at 207.71.
| Support | 208.94 | 208.39 | 207.79 | 207.09 | 206.62 |
| Resistance | 209.35 | 209.74 | 210.39 | 211.09 | 211.62 |
| Recommendation | ... | ||||
EUR/GBP
The Euro also continued to decline against the Pound, as the pair reached the strong support at 0.7797 which stopped the downside wave for now, noting if that level was breached the pair would continue its downward wave to reach the 0.7748 support level represented by the 50% correctional level, while to reverse its downside wave the pair must first breach the 0.7832 level in order to be able to open higher targets.
| Support | 0.7811 | 0.7797 | 0.7787 | 0.7774 | 0.7760 |
| Resistance | 0.7820 | 0.7832 | 0.7843 | 0.7859 | 0.7873 |
| Recommendation | .. | ||||
EUR/USD:Broader themes may have to take a back seat for a couple of weeks, but the bias remains broadly dollar negative. Re-try a small buy against 1.3430 support, stop 1.3380,...
USD/CHF – Market strategy is bullish, buying from the 1.1180~levelUSD/CHF-market strategy can be a buy from the level 1.1180Technical oscillators supporting the bullish trend...
In this PDF you will find the latest technical analysis published by Forex Trends
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