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Technical Analysis On Major Currencies / Commodities By Fxnet

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EUR/USD - European Session:


The pair extended the positive trading, whereas it approached 61.8% correction at 1.3625 – 1.3630. The possibility of extending the upside move is valid today but the pair has to breach 1.3630 to trigger another bullish wave targeting 1.3705 and perhaps 1.3770 levels later. Anyhow, trading above 1.3500 is positive but consolidating above 1.3555 is required over intraday basis today to keep the bullish possibility.

Support: 1.3600, 1.3580, 1.3555, 1.3500, 1.3470

Resistance: 1.3630, 1.3660, 1.3705, 1.3745, 1.3770

Recommendation: Based on the above, buy the pair above 1.3605 targeting 1.3660, 1.3705 then 1.3770 and stop-loss at four-hour closing below 1.3555

GBP/USD - European Session:


The pair touched 127.2% Fibonacci level at 1.6370 then slightly dropped. But the current slight downside move is still limited above Linear Regression Indicators and the previous top at 1.6259 favoring the possibility of keeping the upside move valid, Trading above the referred to top is positive, but breaching 1.6370 could trigger a strong bullish rally today. We hold on to our positive expectations supported by the bullish technical classical formation showing on graph.

Support: 1.6325, 1.6305, 1.6260, 1.6205, 1.6165

Resistance: 1.6370, 1.6420, 1.6475, 1.6500, 1.6515

Recommendation: Based on the above, buy the pair above 1.6325 targeting 1.6370, 1.6475 and 1.6515, stop-loss at four-hour closing below 1.6240

USD/JPY - European Session:


The pair consolidated above Linear Regression Indicator 34 as it is gradually approaching the target at 103.10 represented in 161.8% correction as showing on graph. Despite that Stochastic is overbought, but we see negative signals showing keeping the bullish possibility valid. Breaking 101.65 could fail our expectations, otherwise the upside move remains intraday valid.

Support: 102.20, 102.00, 101.65, 101.15, 101.00

Resistance: 102.50, 102.80, 103.10, 103.50, 103.95

Recommendation: Based on the above, buy the pair around 102.25 targeting 102.50, 102.80 then 103.10 and stop-loss at four-hour closing below 101.60

EUR/JPY - European Session:


The pair settled above 139.00 supporting the suggested positive scenario in our recent reports. The pair was further supported with the breach of the ascending channel resistance shown on graph. We eye upside targets with the breach above 140.00 targeting 141.60 that require stability above 138.20.

**Trading range expected today is between the key support at 138.20 and key resistance at 141.60

Support: 138.65, 138.20, 137.50, 137.05, 136.65

Resistance: 139.50, 140.00, 140.55, 141.00, 141.65

Recommendation: Based on the above, buy the pair above 138.10 targeting139.50, 140.00 and stop-loss at four-hour closing below 137.05

GOLD - European Session:


Trading remained limited below 1252.00 yet above 78.6% correction at 1234.00 yesterday and still caught in the same range with the kick-start of trading Friday. This makes us prefer to remain on the sidelines as well today waiting for upside confirmation with a breach above 1252.00 resistance; while to the downside a breakout below 78.6% is required.

Support: 1240.00, 1234.00, 1220.00, 1200.00, 1180.00

Resistance: 1246.00, 1252.00, 1258.00, 1261.00, 1270.00

Recommendation: We prefer to remain on the sidelines waiting for more confirmations

SILVER - European Session:


Silver traded slightly higher yesterday and still seen with some gains today, but the upside move remains limited below the main resistance level of the descending wave that controlled trading this month. The MA 50 covers the movement from above and offering good resistance around 20.00 areas and accordingly we will depend on it to expect a downside move today.

Support: 19.70, 19.50, 19.20, 19.00, 18.70

Resistance: 19.80, 19.95, 20.10, 20.25, 20.60

Recommendation: Based on the above, sell silver with the breakout around 19.80 targeting 19.50, 19.00 then 18.70 and stop-loss above 20.10

Crude OIL - European Session:


Thin trading control crude futures since yesterday, hovering around 92.10 where the overall intraday and short-term bearishness prevail. We still depend on the descending channel shown on graph with bearish targets initially at 89.00 and require stability below 95.95.

** Short term Trend (Trends that last from two weeks to two months)

** Chart is based on GMT+2 timing


*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.

Support: 92.00, 91.50, 91.00, 90.60, 89.95

Resistance: 92.70, 93.00, 93.30, 93.65, 94.25

Recommendation: Based on the above, sell oil futures below 93.00 targeting 92.10, 91.50 and stop-loss above 93.70

Kind regards,

The FXNET Team


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