Technical Analysis for Crosses

Daily Forex Technicals | Written by Crown Forex | Aug 05 08 06:55 GMT |

EUR/JPY

The Euro dropped back against the Yen as well after the pair breached the 38.2% correctional level at 168.07 and continued moving towards the downside, the pair seems to be targeting the 167.60 level which could offer good demand for the pair and might be able to push it back to the upside since the pair is trading within an oversold area on intraday basis, and as long as the 167.30 level remains intact the pair will remain trading within the medium term upside trend.

Support: 167.90, 167.60, 167.30, 167.07, 166.81
Resistance: 168.11, 168.36, 168.59, 168.93, 169.14
GBP/JPY

The Pound continued its downside wave against the Yen as the pair extended its correctional wave beyond the 38.2% level and is now trading around the 50% level at 211.91, if this level was not able to stop the pair's downside correction, the pair will continue dropping to reach the 61.8% level at 210.99 which offers strong demand for the pair, and only rising above the 213.39 would reverse the short term downside channel, however the pair remains positive over the medium term as long as the 210.39 remains intact.

Support: 211.54, 210.99, 210.39, 209.91, 209.39
Resistance: 211.91, 212.40, 212.85, 213.39, 213.87
EUR/GBP

The Euro managed to break through the 0.7904 level against the Pound which represented the resistance for the short term downside channel and also managed to rise above the 100 days Moving Average at 0.7916 which took the pair back into positive ground once again, however on intraday basis the pair needs a correction since it's now being traded within an overbought area and that calls for a slight correction if the pair would continue its upside wave, the level at 0.7916 should offer good demand for the pair, while the next target is set to be at the 0.7959 level and breaching this level would open the way for higher levels.

Support: 0.7928, 0.7916, 0.7904, 0.7892, 0.7877
Resistance: 0.7943, 0.7959, 0.7973, 0.7990, 0.8004

Crown Forex

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