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Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch

Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch

Daniel Moss, Analyst

Euro Technical Analysis, EUR/USD, EUR/JPY, EUR/GBP – Talking Points:

  • EUR/USD rates continuing to battle with key psychological resistance.
  • EUR/JPY gearing up for a push to multi-month highs.
  • EUR/GBP rates poised to reverse higher as price carves out a Double Bottom pattern.

The Euro looks poised to continue gaining ground against its haven-associated counterparts and may reverse higher against the British Pound in the near term. Here are the key technical levels and price action setups to watch for EUR/USD, EUR/JPY and EUR/GBP rates.

EUR/USD Daily Chart – Probing Psychological Resistance

Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch

EUR/USD daily chart created using Tradingview

EUR/USD rates appear to be eyeing a break to fresh yearly highs as prices remain perched constructively above all four moving averages and continue to probe key psychological resistance at 1.1900.

With the RSI and MACD indicators tracking above their respective neutral midpoints, the path of least resistance seems to favour the upside.

Breaching Descending Channel resistance and gaining a foothold above the 1.19 mark would probably bring the yearly high (1.2011) into focus.

Clearing that would validate the topside break of the long-term downtrend extending from the 2008 highs and likely open the door to push towards the 2018 high (1.2556).

Alternatively, slipping back below the 21-day moving average (1.1815) may neutralize near-term buying pressure and generate a pullback towards support at the August low (1.1696).

EUR/USD 4-Hour Chart – 200-MA May Ignite Topside Push

Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch

EUR/USD 4-hour chart created using Tradingview

Zooming into a four-hour time frame hints at further upside, as prices continue to track constructively within the confines of an ascending Andrews’ Pitchfork.

EUR/USD attempted to break higher after clearing 1.1880 however, the move was cut short by psychological resistance at 1.1900.

This ignited an aggressive short-term correction towards the sentiment-defining 200-MA (1.1800). Tellingly, prices held above the 38.2% Fibonacci (1.1798), suggesting that a continue topside push is on the cards.

A burst back above the 21-MA (1.1860) may invite follow-through and clear a path towards the November 9 high (1.1920). Hurdling that is required to validate the break of the daily Descending Channel pattern and bring the yearly high (1.2011) into play.

EUR/JPY Daily Chart – Eyeing a Retest of Channel Resistance

Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch

EUR/JPY daily chart created using Tradingview

EUR/JPY rates also appear to be gearing up for a push to multi-month highs, as price storms back above the trend-defining 50-DMA (123.60) after finding support at the 123.00 mark.

With the RSI and MACD indicator signalling a bullish tilt to recent price action, an extend move higher looks in the offing.

Prices look set to challenge Descending Channel resistance and the November 9 daily close (124.45) in the coming days, with a break above probably neutralizing selling pressure and carving a path towards the October high (125.08).

Piercing that likely clears the path for price to challenge a key resistance range at 126.40 – 126.80.

Conversely, a pullback towards the 38.2% Fibonacci (122.23) could eventuate if the psychologically imposing 124.00 mark successfully stifles buying pressure.

EUR/JPY 4-Hour Chart – Storming Away From 61.8% Fibonacci

Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch

EUR/JPY 4-hour chart created using Tradingview

The four-hour timeframe seems to bolster the bullish outlook depicted on the daily chart, as prices surges away from support at the 61.8% Fibonacci (122.99) and slices easily through Descending Channel resistance.

With the RSI hurtling towards overbought territory, and the MACD indicator storming back above 0, further gains look likely.

Ultimately, buyers need to overcome the 38.2% Fibonacci (124.02) to open the door to challenge the November 16 high (124.43), with a break above bringing the monthly high into play (125.08).

On the other hand, sellers may gain the upper hand if resistance holds firm and drive prices back towards the 200-MA (123.54).

EUR/GBP Daily Chart – Symmetrical Triangle Support to Nurture Rebound

Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch

EUR/GBP daily chart created using Tradingview

Finally, EUR/GBP rates may also reverse higher in the near term, as prices hold constructively above Symmetrical Triangle support.

However, with the MACD indicator sliding to its lowest levels since April and a moving average ‘death cross’ taking shape, further losses are certainly not out of the question.

Nevertheless, EUR/GBP looks set to push back towards the October low (0.8984), with a daily close above probably propelling prices towards triangle resistance and the June high (0.9176).

Alternatively, a daily close below the April high (0.8864) could trigger a more extensive correction and bring the April low (0.8671) into play.

EUR/GBP 4-Hour Chart – Double Bottom in Play

Euro Price Action Setups: EUR/USD, EUR/JPY, EUR/GBP Levels to Watch

EUR/GBP 4-hour chart created using Tradingview

Shorter-term price action reinforces the bullish outlook portrayed on the daily timeframe, as price carves out a Double Bottom reversal pattern.

This suggests EUR/GBP rates may climb as much as 4% from current levels, if buyers are able to clear a cluster of key resistance zones and, of course, keep prices constructively perched above Symmetrical Triangle support.

Breaking back above the 0.8900 mark would probably propel price towards the November 19 high (0.8964).

Clearing that would bring the psychologically imposing 0.90 level into focus, with a convincing close above needed to validate the bearish reversal pattern.

-- Written by Daniel Moss, Analyst for DailyFX

Follow me on Twitter @DanielGMoss

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