EUR/USD Downside pressure builds.
EUR/USD has broken the key resistance at 1.0679 (02/16/2017 high). Hourly support can be found at 1.0570 (intraday low). Stronger support can be found at 1.0494 (22/02/2017 low). Resistance can be located at a distant 1.0658 (07/07/2017 reaction high). Expected to see further short-term weakness.
In the longer term, the death cross late October indicated a further bearish bias. The pair has broken key support given at 1.0458 (16/03/2015 low). Key resistance holds at 1.1714 (24/08/2015 high). Expected to head towards parity.
GBP/USD Pushing lower.
GBP/USD remains weak near the support at 1.2334, indicating persistent selling pressures. Hourly resistance is located at 1.2469 (07/04/2017 high).
The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01/03/85) represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.
USD/JPY Moving sideways.
USD/JPY is consolidating below resistance at 112.20 (31/03/2017 high). Stronger resistance can be located at 113.57 (16/03/2017 high) while support is given at 110.11 (27/03/2017 low).
We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).