Following it’s reversal from 1.1960 during early-week, the EURUSD recently dropped below an immediate TL support, which if sustained could further fetch the pair down towards 1.1755; though, it’s additional declines might be confined by the 1.1730-20 horizontal-region. Should sellers refrain to respect 1.1720 mark, the 1.1665 and the 1.1615 may entertain them, breaking which can drag the quote to 1.1550 support. In case if the pair reverses from current levels, the 1.1875-80 and the 1.1910 could restrict its near-term advances while an upward slanting TL, at 1.2000 round-figure, might gain Bulls’ attention then after. Given the pair’s sustained trading above 1.2000 resistance-level, the 1.2035 and the 1.2090 should be observed closely.
Failure to extend the early-month bounce beyond descending trend-line resistance seems pushing the EURGBP below 200-day SMA level that in-turn reignites the importance of 0.8745-40 horizontal-line. If the pair closes below 0.8740, the 0.8690 and the 0.8650 are likely rests that can be availed before targeting the 0.8550-45 support-zone. Meanwhile, 0.8845 and the 0.8900 can be considered as immediate resistances for the pair, breaking which 0.8975 is likely buffer that needs to be conquered to again challenge the 0.9010 TL-mark. Moreover, the 0.9060 and the 0.9120 could please the Bulls during the pair’s up-trend above 0.9010.
With the month-old descending trend-line restricting EURJPY’s upside and the RSI is also indicating overbought signals, chances of the pair’s pullback to 132.30-25 become brighter. However, near-term ascending TL support of 131.90 and the 131.45 could limit it’s follow-on downside, which if broken could recall 131.15 and the 131.00 numbers. Alternatively, break of 133.30 trend-line resistance can escalate the pair’s recovery in direction to 133.75 and then to the 134.00 while 134.10 and the 134.50 could please the Buyers afterwards.
EURCHF’s recent dip below immediate TL support needs to clear 1.1635 in order to challenge a bit broader trend-line figure of 1.1600. Should the pair declines below 1.1600, the 1.1580, the 1.1560 and the 1.1525 are likely consecutive stops that may direct its extended south-run towards 1.1480 mark. On the upside, the 1.1700 and the 1.1725 are expected important resistances that the pair must surpass to justify its strength in claiming 61.8% FE level of 1.1755.
Cheers and Safe Trading,
This article was originally posted on FX Empire
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