Technical Update - EURUSD warming up for bullish trend. GBPUSD broken bullish. USDJPY range bound wait for break out Technical Update - EURUSD warming up for bullish trend. GBPUSD broken bullish. USDJPY range bound wait for break out Technical Update - EURUSD warming up for bullish trend. GBPUSD broken bullish. USDJPY range bound wait for break out

Technical Update - EURUSD warming up for bullish trend. GBPUSD broken bullish. USDJPY range bound wait for break out

Forex 3 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

EURUSD seems to be warming up for another go at the strong resistance at around 1.09. The 100 DMA has crossed over the 200 and since the are both ascending it is called a Gold Cross indicating underlying bullish trend and sentiment.
If RSI is closing above 60 it will further confirm bullish picture.

A daily close above 1.09 is likely to fuel a rally to the 0.618 retracement at 1.0970 possibly testing resistance at 1.10.

A close below 1.07 will reverse the trend
Source all charts and data: Saxo Group

GBPUSD (Cable as it was called in the old days) yesterday closed above resistance at 1.27 establishing an uptrend. An RSI close above 60 will confirm that scenario
Next resistance at around 1.2775 and 1.2828. The latter is not the strongest resistance and if broken t
here is upside potential to 1.2945 - 1.30 resistance

The 100 DMA is close to crossing over the 200 and since they are both ascending it is a sign of strong underlying short- to medium-term bullish trend.
Such a cross I called a Gold Cross

A close below 1.26 will demolish the bullish trend

USDJPY seems caught range bound between 150.90 and 149.20, break out needed for direction.
A bullish break out could fuel a rally to 151.95 possibly higher

A bearish break out could push USDJPY down to the 0.618 retracement at 147.80 possibly to the 0.786 at 146.96.
RSI still showing positive sentiment but is also a bit directionless not giving any real indication of the break out direction

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