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    EUR/USD, GBP/USD, and USD/JPY Technical Analysis & Forecasts!| KOL Analysis•Olimpiu Tuns

    Abstract:EUR/USD extends its bullish momentum, most likely it will reach new highs as the US Dollar Index could drop deeper. The USDX is traded at 94.84 level, the next critical downside obstacle stands at 94.65, personally, I believe that the index will hit this level soon.
    Olimpiu

      EUR/USD extends its bullish momentum, most likely it will reach new highs as the US Dollar Index could drop deeper. The USDX is traded at 94.84 level, the next critical downside obstacle stands at 94.65, personally, I believe that the index will hit this level soon.

      You should keep an eye on the economic calendar today as the US is to release the Unemployment Claims data, the indicator is expected around 1300K in the previous week, while the CB Lending Index could increase by 2.1%, versus 2.8% in the previous reading period.

      EUR/USD is traded at 1.1585 level, below 1.1602 yesterdays high, the price tries to come back above the 1.1600 psychological level again, it remains to see what will happen later as the Euro-zone Consumer Confidence will bring high volatility.

      ● US Dollar Index Bounce Back?

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      You can see that the USDX is almost to reach the 94.65 static support level, the 50% Fibonacci line is seen as strong support as well. A bounce back, rebound from the confluence area formed at the intersection between the 50% line and the 94.65 will signal that the USD will strike back, will appreciate again versus its rivals.

      The current downside movement will be ended if the USDX will make a reversal pattern right on the 94.65 level. A valid breakdown below the 50% line and below the 94.65 will validate a further drop, this scenario will signal that EUR/USD and the GBP/USD will reach new highs in the upcoming period.

      ● EUR/USD Approaches Dynamic Resistance!

      

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      Ive said yesterday that, EUR/USD will approach and reach the first warning line (WL1) of the former descending pitchfork after aggressive breakout above the 1.1495 level, static resistance. The pair is trading in the green and most likely it will hit the warning line (WL1) in the upcoming hours.

      A valid breakout above the WL1 will confirm further growth towards new highs, so we may have another long opportunity, while a false breakout, rejection, will signal a minor drop towards the 1.1495 in the short term.

      ● GBP/USD Targeting New Highs!

      

    圖片.png

      

      GBP/USD is traded at 1.2746, it has managed to close above the 61.8% retracement level, so the next upside target is seen at the median line (ML) of the major ascending pitchfork. The pair is trapped within an up channel, between the 50% Fibonacci line and the median line (ML), so the outlook is bullish.

      A consolidation, stabilization, above the broken 61.8% level will suggest buying again with a first potential target at the median line (ML) of the ascending pitchfork. Only another false breakout above the 61.8% level will invalidate a further increase and will bring a short opportunity in the short term.

      ● USD/JPY Under Bullish Pressure!

    圖片.png

      USD/JPY has closed again above the 107.00 psychological level and now is pressuring the 50% Fibonacci line of the descending pitchfork. A valid breakout above this dynamic obstacle will announce a potential rally towards the upper median line (UML).

      The 106.60 is seen as a critical support level, a downside breakout will suggest selling, but the price has failed to reach this level again signaling a potential upside movement in the short term.

      USD/JPY has failed to reach and retest the median line (ML) in the last attempts, so a bullish momentum is favored, the first target is represented by the UML, well have a larger upside movement only if the pair will take out this dynamic resistance.

      [About The Author]

      Olimpiu Tuns is a seasoned market analyst / trader / trainer on the

      financial markets with expertise in forex, cryptocurrencies,

      commodities, futures, options, index, CFD for more than 8 years. He is

      also a famous blogger in both technical and fundamental analysis,

      trading signals, trade setups, etc.

      He has worked as a Market Analyst / Consultant for three major

      Brokerage companies, Admiral Markets, MultiBank Exchange Group and

      InstaForex (live webinars, market analysis, educational materials, video

      analysis, video tutorials, ghostwriting, content creator), as a Social

      Media Manager and as a Financial Markets & Crypto Analyst /

      Contributor for very important news portals/blogs (investing.com,

      benzinga.com, forexalchemy.com actionforex.com, countingpips.com),

      websites, educational platforms (Forex.Academy, Forex.Today),

      independent clients, etc.

      Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.

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