EUR/USD Stalling below 1.1500.
EUR/USD bearish pressures are weak and the pair is way into a consolidation phase. Hourly resistance is given at 1.1489 (12/07/2017 high). Hourly support can be found at 1.1313 (05/07/2017 high). Stronger support lies at 1.1076 (18/05/2017 low). Expected to show sideways price action.
In the longer term, the momentum is clearly negative. We favour a continued bearish bias towards parity. Key resistance holds at 1.1714 (24/08/2015 high) while strong support lies at 1.0341 (03/01/2017 low).
GBP/USD Consolidating after strong increase.
GBP/USD has broken the 1.3000 mark. Strong resistance at 1.3048 (18/05/2017 high) has been broken. Expected to show continued bullish pressures.
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 Weakening.
USD/JPY is going lower. Hourly support given at 112.83 (13/07/2017 low) has been broken. Stronger support is located at a distance at 108.13 (17/04/2017 low). Expected to show continued bearish 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).
