1. EURJPY
2. EURCHF
3. EURGBP
EURJPY EURJPY has rallied to 148.58 on Thursday before plummeting to just above the 147.00 figure. In a special report that we released on July 12th, we remarked that 148.30/60 could be strong resistance and mark the end of a long term uptrend. For more on that report, see http://www.dailyfx.com/story/special_report/special_reports/Euro_Bears___It_May_be_Time_1152747631957.html . The pair has rallied following Thursdays decline in what is so far a 3 wave corrective pattern. The rally has stalled just below the 148.58 high and formed a double top in the process. Continued weakness from 148.53 (todays high) targets todays low at 147.86. A push above 148.58 negates the bearish bias.
EURCHF EURCHF has rallied to former resistance from the 4/26 and 4/27 highs at 1.5818/21. RSI is also decreasing from near overbought levels and CCI is decreasing from above 100. Both of these developments signal a possible turn. A push above todays high at 1.5817 exposes the 4/4 high at 1.5853. Support is at the 7/27 and 8/4 highs at 1.5788. A break below there instills confidence in the downside idea.
EURGBP The EURGBP decline stalled at support from the 12/12/2005 low at .6718 and has since rallied to .6750. The pair is testing the low side of a nearly 3 year symmetrical triangle. Triangle support along with the 12/12/05 low limits downside risk. The hourly also looks slightly bullish as the last two days lows have a double bottom at .6718/20. A continuation of strength probes the 7/24 low at .6807.
