Waiting FOMC and NFP…
EUR /USD Weakening
EUR/USD is getting lower despite ongoing consolidation. The pair is heading lower since the pair failed to hold above former resistance given at 1.0874 (08 /12/2017 high). An hourly support can be found at 1.0652 (31/03/2017 low).
Stronger support can be found at 1.0493 (22/02/2017 low). The short-term technical structure indicates further weakness.
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 Bullish Pressures
GBP /USD's bullish pressures increase again after the pair exited short-term uptrend channel. An hourly resistance is located at 1.2615 (27/03/2017 high) while hourly support can be found at 1.2324 (03/17/2017 low). Expected to show continued strengthening towards resistance at 1.2771 (06/12/2016 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 Moving Sideways
USD/JPY's bearish pressures are fading. An hourly resistance is given at 112.20 (31 /03/2017 high). Stronger resistance can be located at 113.57 (16/03/2017 high) while support is given at 110.11 (27/03/2017 low).
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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