Most read articles: US dollar forecast – focused on PCE data. EUR/USD, GBP/USD settings
EUR/USD Forecast – Technical Analysis
EUR/USD fell slightly on Tuesday, but managed to stabilize above the 1.0835 area, where trendline support crosses the 200-day moving average. The bulls must defend this important battlefield with vigor. Otherwise, it could head towards 1.0725. If it weakens further, all eyes will be on the 1.0700 handle.
On the other hand, if buyers regain the upper hand and push the price higher in the coming trading sessions, resistance could be identified near the 50-day simple moving average at 1.0890. A continued directional development above this threshold could strengthen the buying momentum and create the right conditions for a rally towards 1.0950.
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EUR/USD price action chart
EUR/USD chart created using TradingView
EUR/GBP Forecast – Technical Analysis
EUR/GBP has been entrenched in a long-term downtrend, making a series of highs and lows since late December. This bearish phase resulted in a ~2.5% peak-to-low decline, culminating in a six-month low near 0.8500 earlier this month, followed by a gradual upward reversal.
Following the recent pullback, the pair has moved towards resistance near 0.8575. Bulls need to decisively break through this ceiling to maintain improved sentiment towards the euro. If successful, it could move higher towards the 200-day simple moving average of 0.8610.
Conversely, if EUR/GBP rebounds from its current position and reverses course, support will appear at 0.8530, followed by 0.8500. Prices are expected to stabilize around these levels during a pullback period before a potential reversal, but a breakout could prompt sellers to launch an attack on 0.8450.
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EUR/GBP price action chart
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EUR/JPY Forecast – Technical Analysis
EUR/JPY fell slightly on Tuesday, but remains attractively close to its 2023 high near 164.00, a key technical resistance to keep an eye on in the coming days. It is too early to tell whether the bulls will marshal their strength to overcome this technical hurdle, but if they do, a move towards the psychological 165.00 level could be within reach. There is a possibility that there are.
Conversely, if sellers unexpectedly seize control of the market and cause a downward shift, the first line of defense against a bearish attack would be 161.50 and then 160.50. If the downturn becomes prolonged, the 100-day simple moving average near 159.70 could become the focal point.
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|
change |
long |
shorts |
OI |
| every day | 15% | -Five% | -1% |
| weekly | 2% | 0% | 1% |
