The EURUSD Is Unable to Consolidate Above 1.3709
After the Friday’s rise the EURUSD entered into a phase of consolidation and was trading within a tight range. The bulls timidly tried to raise the pair above resistance at 1.3709. Once the level of 1.3716 was tested, the bears also timidly returned the pair to 1.3653. Thus, any changes in the overall picture of the pair were not happened yesterday. Downside risks to the support at 1.3618 remain and a breakout of current resistance will lead to increase to 1.3800.
The GBPUSD was bought on a fall again. Having found support around the level of 1.6474, the pound was able to rise to 1.6586 during the day and in the Tuesday’s Asian trading session to 1.6625. A rebound from 1.6474 and the resumption above the 66th figure is a quite positive factor for the pound, but in order to continue a rise, it needs to consolidate above 1.6600—1.6575, otherwise, the pair will not avoid a fall below the 65th figure. At current levels a possibility to sell the pair with minimum targets at 1.6478 and 1.6400 can be considered.
Yesterday, there were not almost any fluctuations in the EURUSD pair. The pair was fluctuating in a tight range, limited by the levels of 0.8930 and 0.8984. Since support around 0.8920—0.8900 holds the bulls, chances of resuming a rise and recovering to 0.9060—0.9100 remain rather high. A loss of support will testify that the bears continue to control the situation and will open the way to the 88th figure.
The USDJPY bulls do not want to give up and continue to buy the pair. Owing to it the dollar was able to resume to 102.93, but it failed to rise higher. Stock indexes are also trying to recover after the plummet, that puts pressure on the Japanese yen. Nevertheless, in theory, growth attempts should be considered as the possibility to sell the pair at this stage. A rise above 103.80—104.00 will mean that an uptrend is still in force.
