EUR/USD At Fresh New Highs

The EUR/USD pair posted fresh 2017 high today reaching 1.0815. Stong macroeconomic data supported the rally from USA and Europe.

As seen on the four-hour frame the pair crossed to upside the 20-day SMA, which currently coincides with the 38.2% Fibonacci retracement of latest decline ( November 2016 to January 2017) at 1.0705. Technical indicators are alongside with the bulls and are placed well above the mid lines. RSI is around 65 level and is showing lack of momentum. Stochastic is displaying extreme overbought market but is confirming strong bullish momentum, even with slight signs of recovery.

The pair is now facing strong resistance at 1.0816 (50% Fibonacci retracement of same November to January slide). In case of conquering this level, next target for bulls is seen beyond 1.09 handle.

 

 

USD/JPY Bearish Risk Ahead

The USD/JPY pair plummeted  today having marked around 1.15% down slide and posted intraday low at 112.07. A very short recovery was seen during the Asian session when the pair posted the daily high at 113.97. The latest decision of BOJ to keep its monetary policy unchanged modestly supported the Japanese Yen, but only in the early trading hours when the pair was last seen around 114.00 level. Meanwhile today the US Dollar weakness was fuelled by the negative numbers on Consumer Confidence results. 

In terms of technical levels, the risk remains to the downside. The pair is currently trading around 113.00 level, well below the 100-day SMA. As seen on the four-hour chart the technical indicators present bearish scenario. RSI is placed around 38 level, slightly recovering from oversold area. Stochastic is showing extreme oversold conditions and is displaying lack of momentum.

Overall the pair is trending to downwards and is vulnerable to test 110.00 area.

 

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EUR/USD Turns To South

The US Dollar finally is showing some vital signs since today and is trading firmer against the majors. The deterioration caused by the Trump factor is currently fading away as now the huge infrastructure investment plans have shaped into an announcement. The greenback took the chance and rallied along with the main indices and yields. 

At this course of shifting landscape the EUR/USD pair turned to south. Having bottomed at 1.0660, later the pair slightly recovered and currently is trading at 1.0685. 

In the 4-hour chart technical indicators are located at bearish area and are loosing strength. The price has crossed the 20-day SMA, which is also holding slight downward direction.

Resistance level now are found at 1.0710 (yesterday’s low), 1.0755 (January 23rd high) and  1.0770. To the downside, support levels might be seen at 1.0660 (the daily low), 1.0610 and 1.565.

EUR/GBP Risk remains towards the downside

EUR/GBP continues to slide downwards for third consecutive session this week. The Sterling is gaining strength against the major rivals due to the twist of Brexit drama that confirmed the prolonging of negotiations for triggering Article 50. Tomorrow will be released another set of macro data in the UK on GDP and in case figures show better than expected numbers, the pair would be poised to extend the downtrend.

Technically speaking the pair is well situated within bearish conditions. The price is now far below the 2017 high at 0.8706 and has crossed to downwards the very bearish 20-day SMA. In the hourly chart technical indicators are located within negative territory with no signs for recovering. Both RSI and Stochastic are displaying lack of momentum.

In case of further bearish breakout, first support is seen at 0.8497 (today’s low) and next at 0.0850 (January 3rd low). A possible rebound would happen only if the price remain located at the current area around 0.0810. This may suggest slight upward move towards the resistance at 0.8620. 

Anyway EUR/GBP will be set to challenge upon the upcoming fundamentals tomorrow, which are going to set more clear direction for the pair.

GBP/USD Bulls overwhelmed by the twist in Brexit drama

GBP/USD moved higher today, having posted daily high at 1.2545 which the low was marked at 1.2417. Currently the pair is trading at 1.2500 and is about to close at highest level for the 2017. 

The uplifted sentiment was triggered by the latest twist in Brexit drama. The UK’s Supreme Court ruled that the PM Theresa May will have to receive approval from the Parliament before starting the procedures of Article 50. Yet the situation is quite uncertain and this decision fuelled another set of significant economic and political surprises. What is of significant importance is that anyway this rule will cause delay in the already complicated process of leaving the EU.

In terms of technical levels, the GBP/USD is poised to extend the rally. The price is moving above the 20-day SMA, which is shaped in strong bullish turn. In the H4 chart the technical indicators are recovering from the extremely overbought levels. Bulls might be challenged to conquer new highs in case of fighting 1.2545 (today’s high) and then next target will become the resistance at 1.2670. Support levels are now located at 1.2415 and 1.2250 area (the current week’s lows).

USD/JPY Shifted To Bearish Mode

With the start of the Donald Trump era the Japanese Yen is gaining strength, due to the weaker US Dollar, which can also be seen with the EUR/USD today aiming to fresh 2017 highs.

Last week the USD/JPY pair reached the lowest level for this year at 112.56, but succeeded to escape. Despite the quick shift of the direction, the pair was capped upside by the 50% Fibonacci retracement of latest December to January decline at 115.64. 

Today the pair marked an intraday high at 114.40 but couldn’t last long on this level. The mood was shifted to lows even below last week;s closing price and the current market price is 113.00. 

As seen on the H4 chart USD/JPY is now well situated within a bearish channel and holding below the 100-day and 200-day SMAs. Technical indicators remain in negative territory and are supporting the bearish mode.  

A possible consolidation around 112.50-113.000 would drag the pair away of last week’s low. Below this area, the decline might continue towards the bottom of the channel around 112.00 – 111.50. If crossing above today’s high US Dollar bulls might return, but only in case of jumping above the upper border of same channel. '