EUR crosses: technical overview
Let’s have a quick glance on cross euro pairs with the major currencies.
EUR/JPY is edging lower after having touched 131.00 last week. On Wednesday the pair extended the decline, testing the 128.00 mark (November 2012 - 2013 support line). Break below 128.00 would open the way to 127.00 and 126.50 (bottom of the daily Ichimoku, 100-day MA) and than to 125.00. Resistance is seen at 120.50 and 131.00. Break higher will be a bullish sign.
Chart. Daily EUR/JPY
On Tuesday EUR/GBP peaked at 0.8670, but failed to fix there and returned to the 0.8600 area. In case of a fix below this mark we expect a further decline towards 0.8500. Rise above the yesterday's high could open the way to 0.8750.
Chart. Daily EUR/GBP
EUR/CHF is consolidating around 1.2430 (50% Fibo from the recent decline), down from the yesterday's high of 1.2465. For now the upside remains limited by the top of the bullish daily Ichimoku. We expect the decline to continue to the 1.2390/80 area (38.2% Fibo, bottom of the Kumo). Next support is seen around 1.2320.
Chart. Daily EUR/CHF
The pair is consolidating slightly above the 1.3900 mark. EUR/AUD slowed as the pair has met significant resistance at the 1.4400 mark. Break below 1.3800 would confirm a bearish double top pattern an open the way for further losses. Break above 1.4400 would confirm the continuation of an uptrend started in July 2012.
Chart. Daily EUR/AUD