EUR crosses/EUR/USD

EUR/JPY still needs to comprehensively break above technical resistance

There was a marginal break above 104.80 today but this resistance still needs to be comprehensively broken, otherwise the bullish momentum will start to ease. I’d suggest that with USD/JPY still maintaining a strong bid tone, selling EUR/USD when the cross nears 104.80 is a logical play.

  1. EURJPY has met your condition – broken 104.80 decisively. Expect some retracement over the next 2 days due to the US holiday weekend. That should provide a good entry to go long this pair. If it doesn’t re-trace by the end of this week, it is an even more bullish sign. The medium term target for this pair is 108.8 from the weak inverse H&S on the daily charts.

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