European forex blog

 

EUR/USD continued from Monday’s selloff and found support at the weekly pivot.  Watch for possible resistance the weekly fib levels for a chance to reenter the downtrend at 1.3334, 1.3381 and 1.3427. IF price closes below the 20 day MA and continues to sell off watch for approx. 1.3450 (fib target and monthly pivot) and 1.3113 (monthly low) to offer possible support. 

 

GBP/USD also showed change in direction by selling off to the weekly pivot then rallied back into the range and finding resistance at the 50% weekly fib.  IF price rallies again to test Monday’s high, the next 62% retracement is 1.4812-1.4850 (62% fib retracement/monthly pivot.)  The current weekly high is 1.4958 which should provide light potential resistance if tested.  IF price sells off, the fib levels from last week’s low and this week’s current high which may be support are 1.4533 and 1.4434* (major fib cluster for strong support.)

 

USD/JPY was too extended after the recent rally over the 200 day MA and did in fact continue to sell off somewhat and is hovering around last week’s high.  Price is still over the 20/50 and 200 day MA’s and may still be need or more selling off.  Watch for potential support beginning at 99.54 and 98.69 which also begin retracement clusters from various swings.   IF price DOES continue the rally, the current weekly and monthly high of 101.45 and 102.57 (fib target.)

 

USD/CAD rallied up just shy of the 20/50 day MA’s in the 1.2500 level and sold off rapidly for the rest of the session to the 62% retracement of the week.  IF price continues the sell off, the current weekly low of 1.2228 may offer support if tested as well as the previous monthly low of 1.2193 which is also a monthly pivot.  IF price rallies, the 62% retracement of high of last week and the low of this week is 1.2525 and 1.2672 is a fib target and weekly pivot for the next potential resistance levels!

 

USD/CHF bounced from the 20 day MA and sold off to previous resistance which is now support where price currently is still currently testing..  IF price continues to drop, the next weekly fib levels for possible support are 1.1390, 1.1361 and 1.1333.  Next potential resistance is are the monthly pivot of 1.1509 and the previous weekly high of 1.1550.

Happy trading.

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