Technical overview of cross-rates
EUR/GBP (current price: 0.8790)
- The main recommendation: sale entry is started from 0.8810 (Fibo. 50.0 from the April’s low), 0.8850.
- Alternative recommendation: buy entry is started from 0.8750 0.8730.
After working off the double top figure, this pair is limited in lowering of the lower boundary of the ascending channel, which is traced from November 2015. In addition to the general correction, after the decline, the euro receives support for the correction of positions on the pound before the meeting of the Bank of England, which will take place today.
A significant resistance level is 0.8810. The breakthrough of it will indicate a reversal of the downtrend. But, based on the expectations of the market for raising rates, one should expect a support test of 0.8730 with a further update of 0.8700.
EUR/JPY (current price: 132.80)
- The main recommendation: sale entry is started from 133.30, 133.80.
- Alternative recommendation: buy entry is started from 132.40, 132.00.
The pair EUR/JPY continues adjusting in restarained manner against the previous week, testing a significant resistance of 132.80 and it is possible to repel from it. Potential to start the working off the double top figure is preserved when the price is reversed in the range of 133.00-133.30. Otherwise, one should expect the formation of a third peak with a maximum of 134.50.
Hanzenko Anton