EURUSD: An inverted Head and shoulder is formed on the hourly chart of EURUSD, which is in general a bullish reversal pattern. The neckline of the same is at around 1.1400 mark, a valid breakout of neckline will move the pair higher further by 100 pips. RSI(14) is giving a neutral to positive signal.
Our Preference: – Buy above 1.1408
Target – 1.1500
Stop loss – 1.1380
GBPUSD: The direction of price action is getting diverted against the indicator. In price action, lower lows has formed on 4 hour chart while in RSI(14) – the swings of indicator have lower highs in it.
Our Preference: – Buy at 1.2722
Target – 1.2791
Stop loss – 1.2687
USDJPY: On a hourly chart, the pair has formed a symmetric triangle – with converging highs and lows. at present USDJPY is trying to test the resistance (110.90 to 110.98) of that triangle. Momentum indicators are neutral to positive.
Our Preference: – Sell at 110.95 – 111.00
Target – 110.70-65
Stop loss – 111.08