Daily Technical Report: EUR/USD Failed To Stabilize Above 1.3725

EUR/USD - European Session
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The pair failed to stabilize above 1.3275 yesterday and Linear Regression Indicators are currently covering the pair’s movement from the upside and forming resistances. Failing to stabilize above 1.3275 forces us to remain neutral, whereas we cannot currently bet on a downside move because the pair is above the bullish key support level shown on graph.

The trading range for today is among the key support at 1.3165 and key resistance at 1.3400.

The general trend over short term basis is sideways targeting 1.2775 as far as 1.3600 is daily-closing.
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GBP/USD
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The pair broke 1.5280 failing the expectations of extending the upside move, as we see it today trading close to the bullish key support level as shown on graph. We need to see how the pair would react between 1.5200 and 1.5170 and if stabilized at these levels then there might be a new attempt to the upside, as breaking it might extend the current bearishness. We prefer to remain intraday neutral today waiting for confirmation signals within the technical contradiction shown on Linear Regression Indicator 34 and 55.

The trading range for today is among key support at 1.5090 and key resistance at 1.5350.

The general trend over short term basis is to the downside as far as areas of 1.5605 remains intact targeting 1.4550.

USD/JPY
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The negative trading is still dominating the pair, as the upside attempts remained limited below 98.60 forcing us to keep our negative expectations today. We should point out that breaking 97.65 is significant for the downside move to extend as Linear Regression Indicators supports the negativity as shown on graph.

The trading range for today is among key support at 96.75 and key resistance at 99.00.

The general trend over short term basis is to the downside as far as areas of 103.50 remain intact targeting 93.50.

USD/CHF
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The pair is trading weakly but stable within the downside range shown on graph. But the pair stabilized above 78.6% correction at 0.9265 and above Linear Regression Indicators where we prefer to remain neutral today. Breaking the referred to level is significant to support extending bearishness, while breaching 0.9335 might form a Falling Wedge formation (positive technical pattern).

The trading range for today is among key support at 0.9200 and key resistance at 0.9445.

The general trend over short term basis is to the downside stable at levels 0.9775 targeting 0.8860.

USD/CAD
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The pair moved to the upside but remained limited below 61.8% correction at 1.0315. Stability below the referred to level encourages us to suggest a downside move as long as the pair doesn’t stabilize above 50% correction at 1.0370.

The trading range for today is between the key support at 1.0135 and the key resistance at 1.0370.

The general trend over short term basis is to the upside with steady daily closing above levels 1.0100 targeting 1.0775.

AUD/USD
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The pair fell sharply yesterday, and extends the fall with the start of today’s session, to acquire all of our downside targets and approaching 0.9000 previous key support, and bottom of the sideways range. A break below this support is needed now to confirm another leg lower.

NZD/USD
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The pair is fluctuating around 0.7970 support level, failed to close yesterday’s trading session below it. Accordingly, the bullish rebound scenario remains possible, however due to the key economic news data today, we prefer to stay aside awaiting confirmation.

GBP/JPY
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The GBP/JPY pair is trading with a downside bias since Tuesday morning after having approached 151.00, keeping expectation of a downtrend vaild throughout the session. The Moving Average 50 supports that outlook. Now, the pair must test 147.65 as the next main target.

**Trading range expected today is between the main support at 149.00 and the main resistance 152.00.

**Short-term trend is upside targeting 163.00 if 147.65 remains intact.

EUR/JPY
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The EUR/JPY pair reflects a gradual downside bias as it approaches 129.70, which is expected to be broken to activate the negative scenario we proposed earlier this morning. Our outlook receives support from the negative signals Stochastic is reflecting therefore, the downtrend forecast is valid, provided that the pair settles below the 130.85-131.10 range.

**Trading range expected today is between the main support at 128.80 and the main resistance at 131.10.

**Short-term trend is upside, targeting 140.00 if 124.95 remains intact.

EUR/GBP
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The EURGBP maintains the strong rally, breaking above 0.8700 level and heading higher. The path is clear now for further gains towards the next potential target at 0.8800 level, and thus we maintain our bullish outlook for the pair.