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

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？

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!

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!

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!

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.

WikiFX

App is a third-party inquiry platform for company profiles.WikiFX has

collected 17001 forex brokers and 30 regulators and recovered over

300,000,000.00 USD of the victims.

It, possessed by Wiki Co., LIMITED that was established in Hong

Kong Special Administrative Region of China, mainly provides basic

information inquiry, regulatory license inquiry, credit evaluation for

the listed brokers, platform identification and other services. At the

same time, Wiki has set up affiliated branches or offices in Hong Kong,

Australia, Indonesia, Vietnam, Thailand and Cyprus and has promoted

WikiFX to global users in more than 14 different languages, offering

them an opportunity to fully appreciate and enjoy the convenience

Chinese Internet technology brings. WikiFXs social media account as

below:

Facebook:

USA Area：https://www.facebook.com/WikiFX.US/

UK Area：https://www.facebook.com/Wikifx.UK/

Australia Area：https://www.facebook.com/Wikifx.AU/

Nigeria Area：https://www.facebook.com/WikiFX.ng

South Africa Area：https://www.facebook.com/WikiFX.ZA

Twitter：

Areas where English is an official language：https://twitter.com/WikiFX_Eng

More details about how to download WikiFX App:

Please download WikiFX APP from links below or scan QR code ：

App Store: https://apps.apple.com/us/app/fxeye/id1402501387？l=zh&ls=1

Google Play: https://play.google.com/store/apps/details？id=com.foreigncurrency.internationalfxeye