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EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

2019-03-07 12:30:00
Justin McQueen, Analyst
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EUR Analysis and Talking Points

  • EURUSD | Contained Price Action Likely to Persist
  • EURJPY | Key Fib Support Continues to Hold
  • EURGBP | Upside Correction Yet to Be Confirmed

EURUSD | Contained Price Action Likely to Persist

Range trading for EURUSD likely to persist amid the low volatility seen in the pair. Alongside this, while momentum indicators remain bearish, trend signals however, are relatively weak. Consequently, this suggests a lack of high conviction in the bearish sentiment and thus price remains somewhat contained. Support in the near-term remain situated at 1.1230-50, while topside resistance from 1.1375-80 may cap any rallies in the pair.

EURUSD PRICE CHART: Daily Time Frame (Jan 2018 – Mar 2019)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

EURJPY | Key Fib Support Continues to Hold

A modest pullback since reaching overbought territory in EURJPY, which in turn sees the cross holding key support at 126.18 (50% Fibonacci retracement). As such, with bullish momentum indicators easing, eyes are on for a closing break below the key fib support, which could see EURJPY extend a move towards the 125.00 handle. Topside resistance is situated at 126.70 (100DMA) before the March 1st high at 127.50.

EURJPY PRICE CHART: Daily Time Frame (Feb 2017– Mar 2019)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

EURGBP | Upside Correction Yet to Be Confirmed

Marginal gains for EURGBP as it edges above the 0.8600 handle. The bullish divergence formed on Feb 27th has eased the negative momentum in the cross. However, eyes will be on for the RSI to move above 50-54 to confirm a corrective move to the upside in the cross. Consequently, topside resistance at 0.8670 (23.6% Fibonacci retracement) and the 0.8700 is in focus.

EURGBP PRICE CHART: Daily Time Frame (Nov 2018 – Mar 2019)

EUR Technical Analysis Overview: EURUSD, EURJPY, EURGBP

Chart by IG

--- Written by Justin McQueen, Market Analyst

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

Follow Justin on Twitter @JMcQueenFX

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