EUR/USD is on a downtrend on the daily but within a range but the upside may be limited to 13055-80/13140 levels and the price is trading near the target. The Hourly is in a Corrective up and the price target for this up move may be limited to 13045-13110-95 levels and the Bearish Violation Zone is 13075-13195 levels . The Patterns on the hourly are in a range with one last push higher and expect to continue higher if the 12995-35 is protected by the bulls. The 15min is creeping lower but the downside may be limited. The Bullish Violation Zone is 12950-12885 levels and the PT Anchor Low/ High is 13020-65 levels. EU CPI is out today.
Bulls levels : 12995/12945/12910
Bears levels: 13060-85/13125/13165.
GBP/USD
GBP/USD is on a downtrend on the daily and broke out of the range but a struggle is expected near 15285/15325 levels . The Hourly is in a range breakout and the near term price target for this up move 15245/15305-25 levels and the Bearish Violation Zone is 15480-15600 levels . The Patterns on the hourly are in a range with a limited upside and 15195-40 should be protected by the bulls. The 15min is creeping lower and the downside may be limited . The Bullish Violation Zone is 15070-25 levels and the PT Anchor Low/ High is 15200-45 levels.
USD/JPY
USD/JPY is on an uptrend on the daily but showing weakness and within the bottom of the range but a struggle is expected near 9990-40/9855 levels . The Hourly is in a downtrend attempting the range breakout and the near term price target for this down move is 9990-45-05/9860/9760 levels and the Bearish Violation Zone is 10215-10340 levels . The Patterns on the hourly are in a Make or Break Scenario and we need to apply wait and see attitude , 10120-80 levels should be protected by the bears. The 15min is creeping lower but we need to see a convincing break of 10045 level for further weakness . The Bearish Violation Zone is 10200-45 levels and the PT Anchor Low/ High is 10085-10135 levels.
Good Luck and Happy trading for the Day.
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USD Majors Forecast: EUR/USD, GBP/USD, USD/JPY
Published 05/31/2013, 01:55 AM
Updated 07/09/2023, 06:31 AM
USD Majors Forecast: EUR/USD, GBP/USD, USD/JPY
EUR/USD
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