8DC FX

Technical Analysis for EURUSD, GBPUSD, & USDJPY

August 25 2022

EURUSD

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

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

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

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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