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EUR/JPY

EUR/JPY Daily Forex Chart
EUR/JPY Daily Forex Chart

Euro bears finally seem to be gaining some traction, as the pair resumed its selloff after pulling up to that short-term area of interest I was watching last week. Zooming out to the daily chart shows that price is bouncing off the resistance of the long-term falling channel and might be ready to make its way back down to support soon. On the other hand, a break above the PWH and top WATR could still encourage bulls to get back in the game and push for more gains.

  • WO: 119.75
  • Top WATR: 120.82
  • Bottom WATR: 118.68
  • PWH: 121.29
  • PWL: 119.70

GBP/JPY

GBP/JPY 1-hour Forex Chart
GBP/JPY 1-hour Forex Chart

Aha! That symmetrical triangle resistance did keep gains in check and pushed Guppy down to support around the 140.00 major psychological level. Price is now testing the triangle bottom near the PWL and looks prime for a bounce, probably making its way back to the top of the formation near the top WATR. However, if the triangle support breaks, the pair could head further south to the bottom WATR or drop by around 900 pips, which is the same height as the chart pattern.

  • WO: 140.09
  • Top WATR: 142.02
  • Bottom WATR: 138.17
  • PWH: 142.81
  • PWL: 139.64

EUR/GBP

EUR/GBP 1-hour Forex Chart
EUR/GBP 1-hour Forex Chart

Range-bound conditions seem to be coming back into play for EUR/GBP, as price bounced off support near the .8450 minor psychological level and is setting its sights on the former support near the top WATR. If sellers defend this area once more, price could make its way back south to the PWL and bottom WATR. Euro zone PMIs are up for release today and there are several factors that could prove bearish for the shared currency these days so make sure you keep tabs on the headlines!

  • WO: .8549
  • Top WATR: .8634
  • Bottom WATR: .8464
  • PWH: .8592
  • PWL: .8456

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