EUR/USD Consolidating after French Election first round rally.
EUR/USD is pushing higher. Hourly support can be found at 1.0682 (21/04/2017 base) then 1.0576 (11.04.2017 low). Stronger support can be found at 1.0494 (22/02/2017 low). Resistance given at 1.0937 (24/03/2017 high) has been broken,
In the longer term, the death cross late October indicated a further bearish bias. The pair has broken key support given at 1.0458 (16/03/2015 low). Key resistance holds at 1.1714 (24/08/2015 high). Expected to head towards parity.
GBP/USD Consolidating above former resistance at 1.2775.
GBP/USD is consolidating lower after sharp bullish rally. Resistance stands at 1.2905 (18/04/2017 low). The pair is standing in a shortterm bearish momentum monitoring hourly support at 1.2757 (21/04/2017 low) as a break would confirm a weakening short-term bullish momentum. Hourly resistance is located at 1.2905 (18/04/2017 reaction high).
The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01/03/85) represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.
USD/JPY Increasing demand.
USD/JPY is drifting higher. Hourly resistance is given at 110.64 (23/04/2017 high). Stronger resistance can be found at 112.20 (31/03/2017 high). Closest support can be located at 108.13 (17/04/2017 low). Other key supports lie at a distant 106.04 (11/11/2016 low). Expected to show continued bullish pressures.
We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).
