EURGBP: The cross moved sharply higher last week as Greece concerns faded, while at the same time the UK Election came firmly into focus. Technically, further upside looks possible. Right here, 0.7400 is 38.2% of 0.8038/ 0.7014, and the 100 DMA lies at 0.7445 so further headway will be tricky but the momentum indicators point higher and so if these can be overcome then the way is open for further progress towards 0.7525/35 where a couple of Fibo levels will slow it up..The downside looks well supported now at 0.7350 and 0.7300, both Fibo levels of the rally from 0.7014 to 0.7417 and buying the dips currently seems to be the plan with a SL, sub 0.7300.
EURJPY: 134.50. The cross headed sharply higher last week after having trading down to 129.00, before finishing just below the week’s high, seen on Friday at 135.27. With both the daily and weekly indicators pointing higher, a test of the 200 WMA at 136.85 and the 200 DMA at 137.25 would seem possible, although before then good resistance lies immediately ahead at the 100 DMA and then at 135.10 (38.2% of 149.77/126.08). The 4 hour charts are overbought, and ahead of the Fibo resistance, it may be a good short term sell (with a SL placed above Friday’s high) looking for a correction towards 133.80 and possibly to Fibo support at 133.10 (23.6% of 126.08/135.27) and even to 131.75 (38.2%). The longer term outlook though, seems to be headed higher and medium term players may prefer to wait to buy a dip.
GBPJPY: After reaching 184.46, the cross made a key day reversal on Friday and looks to have plenty of downside ahead of it. Rallies would see resistance at the 100 HMA at 182.65 so leave some room on the topside, which would allow the short term charts the chance to recover their currently oversold condition but keep stops on shorts above 183.00. Above the descending trend resistance at any time, currently at 184.50, would prove me wrong about the short side and would probably be a precursor of a move towards 186/187, although I don’t see this happening.If the downside momentum does continue, the 200 HMA at 181.35 will be the first support ahead of 181.00. Below here would then head towards the Fibo support at 180.85 (38.2% of 174.87/184.46) and then potentially much lower, towards 178.52 (61.8%) or even 177.14 (76.4%). It will be a whippy week given the UK election, so keep stops firmly in place.
EURAUD: The cross made a weekly key bullish reversal last week in rallying from 1.3677, where the 200 Week MA propped it up, to 1.4354, before settling at 1.4260. A retest of the high would run into the 100/200 DMAs, but above which would head on towards the 3 April high at 1.4410 and then towards the 100 Week MA at 1.4560 and to 1.4600.The downside will now find bids at 1.4190 and at 1.4095 (23.6/38.2% of 1.3677/1.4354), which if seen would appear to be a decent buying opportunity. Back below 1.4000 would negate the upside and bring about further choppy trade and potentially another look at the 200 WMA.
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