Technical Analysis for EURUSD, USDJPY, & GBPUSD
July 18 2022
The EURUSD is looking to test resistance at 1.0110/20 this morning in Asian trade, having failed to break back below parity on Friday.
A clean break at 1.0120 would open up a test of 1.0160, and possibly 1.0190.
However, a failure to maintain upside momentum would see the Euro test support at 1.0050/40 and possibly 1.0000/0.9990.
As long as support holds at 138.20/00, the Dollar can move back up to test resistance at 138.80, which if broken would allow another attempt at the recent highs at 139.20/30.
However, if 138.20/00 is broken you will see further Dollar losses to 137.60 and possibly 137.20 in extension.
The GBPUSD this morning looks poised for another attempt at 1.1920/40 resistance. If this level can be broken the next hurdle for the pound is at 1.1970/80.
However, if there is a failure to break up, downside pressure will resume with a drop first to 1.1850/40 support and possibly to 1.1810/1.1800.