Technical Forecasts for EUR/USD, GBP/USD, and USD/JPY

0
124
Technical Forecasts for EUR/USD, GBP/USD, and USD/JPY
Technical Forecasts for EUR/USD, GBP/USD, and USD/JPY

Today, we got some soft GDP data out of the Euro Area, but this did not seem to affect the EUR/USD  that much. US data was light, with jobless claims slightly higher than expectations, but still giving us a decent print. Let’s take a look at the EURUSD, GBP/USD, and USD/JPY charts.

The EUR/USD remained in consolidation above 1.333 and below 1.3444 and is forming a descending triangle. The downside risk remains toward the Nov. 2013 lows in the 1.3295-1.33 area. The GBP/USD fell sharply after yesterday’s UK jobs data and BoE quarterly inflation report. It is now testing the 200-day SMA, and we can expected at least an intra-session, limited consolidation. Finally, the USD/JPY has been drifting higher this week, and if we see a dip and a hold above 102, we can be more confident of the bullish outlook toward 103, then toward the March-April highs in the 103.75-104 area.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
Previous Post: AUD/USD Signals Bullish Continuation by Breaking a Trendline

SHARE
Previous articleYen Retreats as Geopolitical Tensions in Iraq & Ukraine Ease
Next articleDish Starts Accepting Bitcoins Today
Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.