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Home » Euro in a recovery mode but the impetus is limited

Euro in a recovery mode but the impetus is limited

EURJPY turned slightly higher after three days of bearishness

by Joseph Deen
June 19, 2020 11:30
in Technical analysis
0
Euro struggles below three-month highs, yen demand persists

EURUSD 
EURUSD dipped below 1.12 earlier in the day after yesterday’s plunge to early-June lows around 1.1185. the pair climbed back above the important level but is yet to confirm a local recovery on a daily and weekly closing basis. On the upside, significant resistance arrives in the 1.1250-1.1260 region, and as long as the common currency stays below this area, downside risks will likely persist. On the hourly charts, the prices briefly jumped in recent trading but were rejected by the 100-hour moving average and derived support from the 50-SMA. 

GBPUSD
GBPUSD extends losses for a fourth day in a row. Yesterday, the pair dipped below the 100-DMA that turned into resistance. Furthermore, cable is now back below the 50-DMA for the first time since late-May, suggesting the selling pressure could intensify if the pair confirms the breakdown in the short term. the daily RSI is pointing south, adding to the negative outlook for the pound. Meanwhile, the RSI is about to enter the oversold territory on the four-hour timeframes which could be a sign of a potential bounce above the 1.24 handle, where the pair is oscillating at the time of writing. 

USDJPY
USDJPY remains under pressure today but refrains from challenging yesterday’s lows around 106.66. The pair failed to hold above the 107.00 important level and now looks ready for a bearish extension in the near term. On the weekly timeframes, the technical picture is getting worse further as the dollar continues to grind lower after a break below the 20-weekly moving average last week. Meanwhile, the daily RSI is pointing slightly downwards, suggesting the prices may refrain from more aggressive losses at this stage. Still, the greenback will hardly be able to make a decisive coma back above 107.00 any time soon. 

EURJPY
The cross turned slightly higher after three days of bearishness but still struggles to regain even yesterday’s losses On Friday. The euro derived support from the 200-DMA that makes up the bottom of the symmetrical triangle on the daily timeframes. A breakdown from this pattern could bring the additional bearish pressure and send the pair to the 100- and 50-DMAs at 118.70 and 118.20, respectively. The immediate support comes around 119.50, where the mentioned 200-DNA lies. On the upside, the current recovery attempts are being capped by the 120.20 region. A break above this level will open the way towards 120.50. 

AUDUSD 
Following three days of measured losses, the Aussie turned higher on Friday. The pair is challenging the 0.69 barrier at the time of writing, a decisive break above which is needed for further recovery in the short term. A daily close below this level will confirm the prevailing selling pressure surrounding the Australian currency. The daily RSI turned slightly higher but the bias looks unconvincing so far. On the positive side, the pair continues to trade well above the three moving averages and looks set for a bullish weekly close after a jump to nearly one-year highs last week and the subsequent bearish correction. 

Tags: AUDUSDEURJPYEURUSDGBPUSDUSDJPY
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Joseph Deen

Joseph Deen

Joseph is a technical analysis expert. A graduate of NYU, Joseph has a master's degree in mathematics. On FWNews, Joseph provides exchange rates reviews and forecasts.

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