Technical Analysis for EURUSD, GBPUSD, & USDJPY
August 25 2022
The EURUSD yesterday failed to break the recent low of 0.9900/10, this failure has seen a rebound to resistance at 1.0000/1.0020. A break of 1.0020 would give the market encouragement to push on to the target of 1.0060/80.
A failure to break 1.0000/1.0020 would lead to renewed downside pressure, followed by a drop to 0.9940 and then a retest of the recent lows at 0.9900/0.9920.
GBPUSD like the EURUSD managed to defend and hold its recent low yesterday.
This morning the GBP is trying to move higher, however 1.1830/40 is providing resistance. If this is broken the GBP should retest 1.1880.
A failure to break 1.1830/40 would see a drop back to 1.1760/50 and possibly 1.1700.
USDJPY is struggling to hold gains above 137.00.
Resistance at 137.30/40 seems to be quite strong, however if broken you will see further gains to 137.70/80 and possibly 138.20 in extension.
If resistance is not broken look for a correction back to 136.20 and possibly 135.80
Analysis by www.eightdragonscapital.com