The most traded currency pair decided to prolong its sideways movement for a fourth consecutive day. The EURUSD is trading below the weekly pivot point at the moment, as its inability to rise above the Oct low at 1.25 drove the pair even more to the downside. Technical indicators do not trust in the single currency, as they give bearish signals on daily and weekly charts. In the nearest future the pair is likely to approach the monthly S1 at 1.2376.
Market sentiment towards EURUSD stays unchanged, as 54% of all opened positions are long. Pending orders, however, dropped in both 50 and 100-pip ranges during last 24 hours. 64% and 61% of them are now to set to sell the Euro versus Greenback.
|EURUSD Pivot Levels||Pivot||Woodie||Fibonacci|
GBPUSD declined significantly on Wednesday due to inflation report from the Bank of England. The pair breached a number of strong support lines, including monthly and weekly S1. The current trading level is located below the weekly S1 at 1.5773. However, technical studies became neutral on a daily chart, meaning that we can expect a stabilization of the pair, at least in the short-term. In the medium-term, however, the Pound may plunge down to monthly at 1.5662, as predicted by weekly technicals.
It seems that some traders took profit from yesterday’s decline. Right now 60% of all positions are long (58% yesterday), while pending orders in 100-pip range improved during last 24 hours.
|GBPUSD Pivot Levels||Pivot||Woodie||Fibonacci|
USDJPY continues trading between the monthly and weekly R1 for a third day in a row. It seems that the latter level looks rather strong for pair’s bulls to be crossed. If the pair eventually succeeds in doing that, we can wait for a strong advance up to monthly R2 at 117.26. This idea is shared by daily and weekly technical indicators, which give confident bullish signals. In case of failure, the pair is anyway unlikely to decrease below the 2007 Dec high at 114.67.
Even though opened positions remain bearish in 54% of all cases (55% yesterday), pending orders lost their strong positive sentiment. At the moment only 51% and 55% on them are set to acquire the US dollar against Japanese yen in 50 and 100-pip ranges, respectively.
|USDJPY Pivot Levels||Pivot||Woodie||Fibonacci|
USDCHF refused to move in any direction during the trading session on Wednesday. The pair is still hovering just above the weekly pivot point around 0.9658 and below the Oct high at 0.9687. It looks like bulls are preparing for eventual break-out through the latter level, given that it was already breached last week. Technical indicators are positive on a daily chart and have no bearish signals at all. A successful cross of the closest resistance will open doors towards monthly R1 at 0.9753.
Long opened positions are still taking up 58% of all, the same as 24 hours ago. Moreover, pending orders jumped to be positive in 83% and 61% of cases in 50 and 100-pip ranges, respectively.
|USDCHF Pivot Levels||Pivot||Woodie||Fibonacci|