EUR/GBP

The royal pair couldn't maintain levels above the previous discussed technical target of 0.8630- check it here-. A negative divergence formed on the four-hour chart alongside bearish candlestick structure are pushing the pair to move below 61.8% Fibonacci Arc. Hence, the intraday overview is to the downside, targeting 0.8530 zones, particularly if the current candle closed below 0.8595 areas which represent the middle line of Keltner channel.

Trading range is among the key support at 0.8470 and key resistance now at 0.8760.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

Support: 0.8590, 0.8560, 0.8530, 0.8490, 0.8425
Resistance: 0.8630, 0.8660, 0.8700, 0.8720, 0.8760

Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 0.8610 targeting 0.8530 and stop loss above 0.8670 might be appropriate.

GBP/JPY

According to our captured Elliott cycle over the short term basis as seen on the above four-hour hour chart, we see that the pair has been able to find a solid support around 155.85 zoes-38.2% Fibonacci, where the [A] wave was placed. Now, it's moving towards re-testing the broken trend line of the bullish channel and we think that at the areas of 159.35-160.00 the [B] wave will be completed. Thus; the pair is gathering the momentum it needs to enter the impulsive downside [C] wave from the mentioned areas. Hence we will keep our intraday basis to the downside.

Trading range for today is among key support at 154.30 and key resistance at 163.06.

The general trend is to the downside as far as 167.40 remains intact with target at 116.00.

Support: 158.15, 157.40, 156.70, 155.85, 155.00
Resistance: 159.35, 160.00, 160.50, 161.25, 162.25

Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 159.35 targeting 156.80 and stop loss above 161.50 might be appropriate.

EUR/JPY

After reaching the first technical target of the bearish harmonic structure, the pair extended our yesterday's expected upside correction towards 136.90-137.20 zones, where we think that the pair is gathering the momentum it needs to resume the major short term bearishness as the above mentioned areas represent a cluster resistance consisting of 127% of XA leg of the pattern and 61.8% Fibonacci of the last decline from the D areas to yesterday's recorded low at 134.07. Only one thing that can invalidate the intraday bearish scenario, which is maintaining levels above 138.25 zones while a breakout below 136.10 will confirm the negative direction.

Trading range for today is among key support at 133.60 and key resistance now at 139.40.

The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.

Support: 136.10, 135.40, 134.90, 134.15, 133.60
Resistance: 137.00, 137.40, 138.25, 138.60, 139.25

Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 137.00 targeting 134.90 and stop loss above 138.60 might be appropriate.