Tuesday's Technical Report: Trading Remains Weak For EUR/USD
ICN.com | Nov 24, 2015 04:42AM ET
USD/JPY
The pair failed to stabilize above 76.4% Fibonacci at 123.15 yesterday, achieving a negative closing.
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Although, this is not a good signal for buyers, but the USD/JPY is currently touching SMA20, which is a very sensitive level.
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RSI14 is still moving above 50.00 levels despite the slight decline seen in the Asian session, while ADX remains positive despite showing signs of weakness.
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These signals contradict with moving below 123.15 and therefore, we will be neutral now.
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Support: 122.60-122.10-121.70
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Resistance: 123.15- 123.60-124.15
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Direction: Sideways
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USD/CHF
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Overbought signs on RSI14 continued to prevent the USD/CHF pair from soaring towards 113% Fibonacci level at 1.0260 and beyond.
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However, we still depend on stable move above 100% level at 1.0125 and moving averages to be bullish.
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Only , a breakout below 1.0100 will weaken the intraday positive chances, while coming below SMA20 at 1.0065 will damage the outlook.
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Support: 1.0170-1.0050-0.9990
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Resistance: 1.0260-1.0290-1.0325
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Direction: Bullish
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EUR/USD
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For the second session, trading remains very weak on EUR/USD, but still below moving averages and within the major bearish direction over short-term basis.
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Hence, we hold onto bearish scenario, but we need a break below 1.0615 and 1.0600 to affirm.
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We will not take any positions until the pair takes out these levels, while 1.0730 is the ceiling foe any shorts.
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Support: 1.0600 – 1.0570 – 1.0500
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Resistance: 1.0660 –1.0700 – 1.0730
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Direction: Bearish below 1.0600
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GBP/USD
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GBP/USD attempts to incline, while the bearish direction becomes weaker and RSI attempts to incline.
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These signals contradict with the stable move below moving averages along with stability below 1.5180.
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Moving below 1.5140 affirms the bearish outlook.
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Support: 1.5120 – 1.5090 – 1.5060
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Resistance: 1.5180 – 1.5220 – 1.5260
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Direction: Bearish
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