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EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Justin McQueen, Strategist

EUR Analysis and Talking Points

  • EURUSD | Bearish Trend Opens Up Test of YTD Lows
  • EURJPY | Little Signs of Break Out
  • EURGBP | Support Holding for Now

See our Q4 FX forecast to learn what will drive the currency throughout the rest of the year.

EURUSD | Bearish Trend Opens Up Test of YTD Lows

EURUSD continues to oscillate around the 1.13 handle. However, momentum indicators are increasingly titled to the downside, suggesting a potential move towards November lows (1.1215) ahead of support at 1.12. Eyes will be on for a firm break and close to below 1.1270, which may leave the pair vulnerable to further losses. Alongside this, the series of lower highs implies that the downtrend remains intact.

EURUSD PRICE CHART: Daily Time Frame (Jul – Nov 2018)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

EURJPY | Little Signs of Break Out

EURJPY has shown little in the way of meaningful price action in recent sessions with the cross consolidating above the 128.00 handle. However, failure to make a firm break above 128.85 (38.2% Fibonacci Retracement) confirms that there is a lack of buying interest above 129.00, while a cluster of moving averages from 129.00 to 129.60 has also contained price action. Momentum indicators suggest that the EURJPY outlook is weak, which in turn increases scope for a test of support at 127.50. Key support comes in at 127.00-20, whereby the rising trendline from the Brexit referendum low is situated.

EURJPY PRICE CHART: Daily Time Frame (Dec 2016Nov 2018)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

EURGBP | Support Holding for Now

Resistance at 0.8870-90 has capped price action, which in turn has seen EURGBP break below the first area of support at 0.8834-40. However, support at 0.8810 has curbed further losses for now. A breach below 0.8810 poses risks of a move towards 0.8690, which marks the 61.8% Fibonacci retracement level. Momentum indicators suggest that the risks remain tilted to the upside, although this trend has moderated recently.

EURGBP PRICE CHART: Daily Time Frame (Feb 2017– Nov 2018)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

G10 FX Technical Reports

Analyst Pick

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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