EURUSD
The Euro has now pulled back to the 100 period EMA, and is stalled in the key resistance area between 1.33 amd 1.3450 (first established back in September). The 50 EMA remains below the 100 EMA, indicating that the overall trend remains very much down. This may be a good place to go short. Initial target is the previous swing low, just below 1.30.
GBPUSD
The trend for the Pound is very much down, but price is currently on the way up. The current push up is likely to stop near 1.5850. Significant resistance (green line), intersecting with a well established falling trendline is likely to be a difficult obstacle to penetrate. Look to go short near that level, assuming prices don’t turn down first.
GBPJPY
After breaking below the rising price channel in late November, prices quickly dropped, and have consolidated since. A continuation of the drop is likely once prices can escape the consolidation region.
Written by bforex.com
