Technical Analysis for Major Currencies EURO

Daily Forex Technicals | Written by Crown Forex | Jul 18 08 06:35 GMT |

A clear reversal from the support level we mentioned yesterday assured us that the bullish momentum for the pair remains strong as far as 1.5760 remains intact which is represented by the 38.2% correctional level and is the critical support for the ascending channel as well as the 20 day moving average lies around that level. From here we believe the pair will attempt to incline today and breach the 1.5945 levl at the least as long as trading remains above 1.5830. The trading range is seen among 1.5720 support levels and 1.6040 resistance levels. The general trend is to the upside as far as 1.4900 remains intact with targets at 1.6178 and 1.6405 Support: 1.5830, 1.5780, 1.5760, 1.5725, 1.5670 Resistance: 1.5915, 1.5945, 1.5995, 1.6040, 1.6120 GBP The pair continues to decline but remains above the key support for today at 1.9955 which was the key support for yesterday as well. Negative signals for the pair are starting to emerge concerning the ability of maintaining the strength to stay above the $2 level and today will be the final decision for this week and the next where if the pound successfully builds a solid base above the $2 level it will soar to the upside. The trading range is seen among 1.9765 support levels and 2.0225 resistance levels. The general trend is to the downside as far as 2.0460 remains intact with targets at 1.9267 and 1.9053 Support: 1.9955, 1.9910, 1.9865, 1.9800, 1.9765 Resistance: 2.0045, 2.0065, 2.0110, 2.0170, 2.0225 JPY Retesting the downside trend has ended for sure now that the pair is attempting to break resistance levels higher than expected as the pair gathers enough bullish momentum taking it to the upside above the suggested 105.90 to reach the resistance level at 107.10 for today. The journey to the downside will start once again where the resistance level mentioned was able to prove its strength to reverse the pair to the downside and will remain that way if the pair is traded below 107.10. We could see some movements to the upside yet the overall trend is still to the downside. A new descending channel is in the making since a resistance level at 107 is evident today. The trading range is seen among 104.60 support levels and 107.50 resistance levels. The general trend is to the upside as far as 103.00 remains intact with targets at 109.90 and 113.24 Support: 105.90, 105.45, 105.00, 104.85, 104.60 Resistance: 106.15, 106.70, 107.10, 107.50, 107.80 CHF Trading on the pair was still limited within the same levels since the beginning of the week as the sideways pattern for the medium term remains dominant. Nothing new is visible for today yet it seems like some downside signals are being formed on the momentum indicators as the pair attempts to gather momentum from the support levels where it could allow the pair to breach the resistance level at 1.0225 where if successfully broken, the pair will reach levels not less than 1.0400 whereas staying below will lead the pait to as low as 1.0150 and 1.0120. The trading range is seen among 1.0010 support levels and 1.0320 resistance levels. The general trend is to the upside as far as 1.0010 remains intact with targets at 1.0725 and 1.0860 Support: 1.0150, 1.0125, 1.0090, 1.0065, 1.0010 Resistance: 1.0185, 1.0225, 1.0275, 1.0300, 1.0320 CAD Trading on the pair was still limited within the same levels since the beginning of the week as the sideways pattern for the medium term remains dominant. Nothing new is visible for today yet it seems like some downside signals are being formed on the momentum indicators as the pair attempts to gather momentum from the support levels where it could allow the pair to breach the resistance level at 1.0225 where if successfully broken, the pair will reach levels not less than 1.0400 whereas staying below will lead the pait to as low as 1.0150 and 1.0120. The trading range is seen among 1.0010 support levels and 1.0320 resistance levels. The general trend is to the upside as far as 1.0010 remains intact with targets at 1.0725 and 1.0860 Support: 1.0150, 1.0125, 1.0090, 1.0065, 1.0010 Resistance: 1.0185, 1.0225, 1.0275, 1.0300, 1.0320 Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.