European forex blog

EUR/USD rallied through resistance on Friday, over the 20 day MA where price closed above the previous

weekly highs where price is currently testing on late Sunday evening.  IF price continues with the bullish price

action, the next possible resistance is 1.4530 and 1.4551 as the fib targets from the most recent high low swing.

IF price sells off from the current highs of Sunday, watch for possible support at the CURRENT fib retracement

levels at 1.4407, 1.4380 and 1.4352.  IF a newer daily high in price is made, then redraw the fibs from the high

of Sunday to the low from last Friday and use these levels.

GBP/USD rallied up on Friday to the week’s 62% retracement for the high of the day then rallied again late

Sunday to double top at this level where price currently resides.  IF price rallies to retest this level, 1.6109 is

the high of Friday and may again be resistance, as well as, 1.6192 which is the next fib target.  IF price sells off,

1.6003 and 1.5977 are the fib retracements from last week’s low to Sunday’s high for potential support.

USD/JPY reversed from last week’s early rally and sold off on Friday after finding resistance at the 200 day

MA.  Price is still strong, but may need to retrace if the uptrend is to continue.  IF price does sell off, 92.22 is

a weekly pivot and 62% retracement and 91.64 is a fib target for possible support.  IF price rallies, 93.00 and

93.18 are the CURRENT 50/62% retracements from last week’s high to Friday’s low for possible resistance.

USD/CAD continued to sell off and is still testing the lows of Sunday for support as price continues to sell off.

Price is testing a fib target for support.  IF price breaks this level, the next possible support is 1.0218 and 1.0191

which are fib targets from various swings.  IF price rallies from the current low of Sunday, 1.0337 is the 62%

retracement from Friday’s high and 1.0369 is approx. the highs of Friday for possible resistance.