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Technical Outlook Of EURGBP, EURJPY, EURCAD & EURNZD: 09.02.2017

EURGBP

Following its repeated failures to break 0.8625-30 horizontal-line, the EURGBP finally dropped below two-month old upward slanting trend-line support of 0.8520, which in-turn signal its slide towards 0.8490 & 0.8470 prior to testing another horizontal-line around 0.8450-45. Given the pair's continuous decline below 0.8445, the 0.8430 & 0.8380 might offer intermediate halts before dragging it to 0.8330 & December lows near 0.8300 round figure. However, pair's U-turn from present levels, coupled with a break of 0.8520, could negate recent breakdown and may again propel prices towards 0.8550 & 0.8580 ahead of aiming 0.8625-30 line-resistance. Should the pair manage to surpass 0.8630, the 0.8670 & 0.8705 can entertain short-term buyers who can witness 0.8760 resistance-mark during strong upside momentum beyond 0.8705.

EURJPY

EURJPY's bounce from short-term descending trend-channel support seems finding it hard to break 120.00 psychological mark and is indicating brighter chances of a pullback towards 119.75 & 119.50 nearby supports. Though, channel-support of 119.00 might restrict its additional downside, failing to which can fetch the quote to 118.50 & 118.15 numbers towards south. On the upside, pair's sustained trading above 120.00 needs to clear 120.40 intermediate TL before confronting the 120.60 & the channel-resistance-line of 120.85. Given the pair's capacity to successfully break 120.85, it can aim to meet 121.15 & 121.70 upside figures.

EURCAD

EURCAD has been trading between 1.4130 & 1.3960 since last two-weeks but the latest lower high formation indicates more chances of the pair's downside with 1.4000 being immediate rest ahead of challenging the 1.3960 support. If the pair drops below 1.3960, the 1.3900 and an upward slanting trend-line support, at 1.3880, may act as buffers prior to dragging prices towards December lows of 1.3817. In case of the pair's sustained downtrend below 1.3817, the 1.3800 & 1.3700 can pose as barriers during its drop towards 61.8% FE level of 1.3650. Meanwhile, 1.4100 and the 1.4130 might entertain short-term counter-trend traders before offering them three-month old descending trend-line resistance of 1.4150. Given the pair's capacity clear 1.4150, the 1.4215 and 100-day SMA level of 1.4310 are likely stops that it could avail but the 1.4350-70 broad resistance-region could limit the quote's additional advances then after.

EURNZD

Although recent disappointment through RBNZ propelled the EURNZD to break short-term descending trend-channel resistance, the pair failed to maintain its strength and is presently witnessing pullbacks towards 1.4750 nearby support. Should the pair drops further below 1.4750, the 1.4680 & 61.8% FE level of 1.4610 are likely consecutive rests that it can avail. However, channel-support & recent low, around 1.4530-25, becomes a strong support to watch for traders during the quote's dip below 1.4610, which if broken can trigger its plunge to 1.4300 round figure. Alternatively, pair's successful closing beyond 1.4815 enables it to challenge 50-day SMA level of 1.4915, breaking which it's path to 1.5000 psychological magnet becomes clear. During the pair's sustain trading above 1.5000, the 100-day SMA level of 1.5085 and 1.5150 resistance-figures can please buyers.

Cheers and Safe Trading,
Anil Panchal

MTrading Review

Thursday, 09 Feb, 2017 / 12:33

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Source : http://www.mtrading.com/analytics/technical-analysis/technical-outlook-of-eurgbp-eurjpy-eurcad-eurnzd-09-02-2017

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