Most Read: US Dollar Forecast – PCE Data Takes Center Stage; Setups on EUR/USD, GBP/USD
EUR/USD FORECAST – TECHNICAL ANALYSIS
EUR/USD saw a slight decline on Tuesday but managed to stabilize above the 1.0835 area, where trendline support intersects with the 200-day moving average. Bulls will have to defend this crucial battleground vigorously; failure to do so could usher in a move towards 1.0725. On further weakness, all eyes will be on the 1.0700 handle.
On the flip side, if buyers regain the upper hand and push prices higher over the coming trading sessions, resistance can be identified at 1.0890, near the 50-day simple moving average. Sustained directional progress above this threshold could reinforce buying impetus, creating the right conditions for a climb toward 1.0950.
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EUR/GBP FORECAST – TECHNICAL ANALYSIS
EUR/GBP has been entrenched in a prolonged downtrend, carving out a series of lower highs and lows since late December. This bearish phase, which resulted in a ~2.5% drop from peak to trough, culminated in a six-month low near 0.8500 earlier this month before a modest upside reversal.
Following the recent rebound, the pair has made progress towards resistance near 0.8575. For sentiment towards the euro to sustain its improvement, bulls must decisively take out this ceiling. Should they succeed, a possible rally towards the 200-day simple moving average at 0.8610 could be on the horizon.
On the flip side, if EUR/GBP is rebuffed from its present position and reverses course, support emerges at 0.8530, followed by 0.8500. Prices are expected to stabilize around these levels during a pullback prior to a potential turnaround, but a breakdown could empower sellers to launch an attack on 0.8450.
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EUR/JPY FORECAST – TECHNICAL ANALYSIS
EUR/JPY eased slightly on Tuesday but remains tantalizingly close to its 2023 high near 164.00 – a major technical resistance worth watching in the coming days. It’s premature to ascertain whether bulls will muster the strength to overcome this technical hurdle, but if they do, a potential advance towards the psychological 165.00 level could be around the corner.
On the flip side, if sellers unexpectedly seize control of the market and trigger a downward shift, the first line of defense against a bearish assault presents itself at 161.50 and 160.50 thereafter. In the case of prolonged weakness, the 100-day simple moving average near 159.70 may become a focal point.
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| Change in | Longs | Shorts | OI |
| Daily | 15% | -5% | -1% |
| Weekly | 2% | 0% | 1% |