EUR/USD BREAKING RESISTANCE

EUR/USD BREAKING RESISTANCE

forex blog

EUR/USD BREAKING RESISTANCE

EUR/USD Breaking resistance given at 1.0874.
EUR/USD keeps on pushing higher towards key resistance given at 1.0874
(08/12/2017 high) has been broken. Strong support can be found at 1.0493
(22/02/2017 low). Expected to show continued increase.
In the longer term, the death cross late October indicated a further bearish bias.
The pair has broken key support given at 1.0458 (16/03/2015 low). Key
resistance holds at 1.1714 (24/08/2015 high). Expected to head towards parity.

GBP/USD Edging higher.
GBP/USD now lies in a short-term uptrend channel. There are rooms for further
strength. Hourly resistance located at 1.2570 (24/02/2017 high) has been broken.
Hourly support is given at 1.2324 (03/17/2017 low). Expected to show continued
strength towards resistance at 1.2771 (05/10/2016 high).
The long-term technical pattern is even more negative since the Brexit vote has
paved the way for further decline. Long-term support given at 1.0520 (01/03/85)
represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015)
and would indicate a long-term reversal in the negative trend. Yet, it is very
unlikely at the moment.

USD/JPY Ready for further weakness.

USD/JPY continues its declined since the pair has failed to break key resistance

given at 115.62 (19/01/2016 high). The pair is heading lower.

Hourly resistance can be located at 113.57 (16/03/2017 high). We favor a long-term bearish bias.

Support is now given at 96.57 (10/08/2013 low).

A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely.

Expected to decline further support at 93.79 (13/06/2013 low).

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