EUR/JPY Strong recovery bounce.
EUR/JPY has bounced before challenging the resistance at 116.75 (falling trendline). Key resistance stands at 117.43 then 122.88 (13/03/0217 high). Support is given at 114.90 (18/04/2017low).
In the longer term, the technical structure validates a medium-term succession of lower highs and lower lows. As a result, the resistance at 149.78 (08/12/2014 high) has likely marked the end of the rise that started in July 2012. Strong support at 94.12 (24/07/2012 low) looks nonetheless far away.
EUR/GBP Sharp decline.
EUR/GBP has broken the key supports 0.8450 (31/12/2016 low). The short-term technical structure is negative as long as the hourly resistance at 0.8596 holds. Another resistance can be found at 0.864. Expected to show continued weakness.
In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 psychological level.
EUR/CHF Drifting higher.
EUR/CHF is now moving slightly higher. Hourly resistances can be found at 1.0695 (07/04/2017 high and declining trendline). The medium-term pattern suggests us to see continued bearish pressures towards key support that can be found at 1.0623 (24/06/2016 low). Expected to see further decline.
In the longer term, the technical structure is mixed. Resistance can be found at 1.1200 (04/02/2015 high). Yet,the ECB’s QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).
