FX Majors: Bullish, Bearish, And Unknown
Faraday Research | Dec 10, 2018 04:38AM ET
We take a look at the daily charts of EUR/USD, GBP/USD and USD/JPY to highlight key levels and patterns.
EUR/USD Daily
- Euro continues to show potential to carve out a base.
- A higher low has formed at 1.1267 with a bullish engulfing candle. A break above 1.1500 confirms a bullish reversal.
- Range trading strategies are preferred whilst prices remain within the 1.1216 – 1.1500 area.
GBP/USD Daily
- GBP/USD is coiling up ahead of tomorrow’s parliamentary vote on the Brexit plan.
- We’d want to see a break of the June 17th low before assuming a run towards 1.2365.
- For a counter-trend move the 1.2928 high becomes the first target.
USD/JPY Daily
- USD/JPY looks set to extend losses after breaking its March trendline.
- Bias remains bearish whilst below 113.24.
- A break of Thursday’s low brings the 111.38 low into focus.
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