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EURGBP DAILY CHART
Higher red AT lines off the low show some risk on the upside but would need to get through the top of the current .8528-78 range to expose .8593-/8621
However, to confirm a break in trend, the key trendline (see chart) would need to be taken out.
Looking at shorter time frames, support at .8550-55 would need to hold to keep a bid.
The bounce in EURUGBP is one reason why EURUSD is finding some suppot.
Key event week with Fed Powell Powell testifying on Wed and the ECB meeting on Thurs so let’s take a look at the EURUSD
EURUSD AT Daily Chart
2 higher red support lines show a risk to the upside that requires a break of 1.0896 to give legs to the upside.
Whatever the case, 1.08 is the current bias setter, and only back below it would put the 1.0760 support in play again.
EURUSD Daily – Week Ahead
Supports at : 1.08200 1.07950 1.07250
Resistances at : 1.08500 1.08900 1.09350 and 1.10850
Friday’s close indicates a probable move to the Resistances first. The pattern calls for a test of 1.08900.
I am going to be free to say that I can see 1.09350 reached already on Monday – that is what I see….and I don’t have a crystal ball 😀
For that to happen, EURUSD should not go bellow 1.08200 .
EURUSD Analysis: Key Support and Resistance Levels to Watch
The EURUSD pair is currently testing the 1.0789 support level once again. A breakdown below this level would suggest that the upside move from 1.0694 has concluded at 1.0887. In such a scenario, the next target levels would be at 1.0750, followed by 1.0694.
However, if the 1.0789 support level holds, the pullback from 1.0887 could potentially be a consolidation phase for the uptrend from 1.0694. In this case, another rise towards the 1.0950 level is still possible after the consolidation.
The initial resistance level is at 1.0840. A breakthrough of this level could potentially take the price to the next resistance level at 1.0887. Above this level, the price could aim for 1.0950.
EURUSD Analysis: Sideways Move Continues, Key Levels to Watch
The EURUSD pair failed to break below the 1.0789 support level and has been moving sideways within a trading range between 1.0789 and 1.0887. This suggests that the pair is still in the uptrend from 1.0694, and the sideways move is likely a consolidation phase for the uptrend.
As long as the 1.0789 support level holds, the upside move could be expected to resume. A breakthrough of the 1.0887 resistance level could trigger further upside movement towards the 1.0950 area.
On the downside, a breakdown below 1.0789 would confirm that the upside move from 1.0694 has already completed at 1.0887. In this case, the next target would be at 1.0750, followed by 1.0694.
EURUSDÂ 4h
Resistance at 1.08500 – if rejected at it, we are going in maybe not very deep correction, but still a correction phase for at least 24h.
But if 1.08500 gives a way, just to be stopped at either 1.08650 or 1.08900, we are going slowly to turn Down.
Support at 1.08300 and 1.07850 – bellow which we target 1.07000 and the whole previous Up move becomes questionable.
Close tonight above 1.08300 calls for retest of previous high, but not more than that…and that is my experience, instincts and pattern recognition talking.
IEURJPY 30-minute chart – risk turns up
Simple algebra: EURUSD X USDJPY = EURJPY (Hint: One reason for the EURUSD bounce from 1.08)
Chart:
Two red lines drawn off the bottom showed a shift in directional risk to up
So far, pause just below 163.39
Recent and key resistance is at 163.72
Go to shorter time frames for intra-day supports
