Technical Overview: EURUSD, EURGBP, EURJPY and EURNZD

EURUSD

While short-term ascending trend-line presently restricts the EURUSD downturn, the 1.0900 and the descending trend-line resistance, coupled with 38.2% Fibonacci Retracement of its August – December downside, near 1.0970 – 1.0980, quickly followed by the 100-day SMA, near 1.0990 and the 1.1000 psychological magnet, could confine the pair's near-term up-move. Should it manage to clear the 1.1000, the five month old descending trend-line, around 1.1070 now, becomes a strong upside level for the pair, breaking which it can rally to 50% Fibo, near 1.1120, and the 1.1200 round figure mark. On the downside, a clear break of 1.0800 mark, encompassing the mentioned trend-line support and the 23.6% Fibo, can drag the pair to 1.0700 and the 1.0630 support levels prior to making it weaker enough to test the December lows of 1.0520-25. Moreover, the pair's sustained decline below 1.0520, it can plunge to 1.0400 support level.

EURGBP

Following its pullback from the two month old ascending trend-channel resistance, the EURGBP seems presently struggles near the 61.8% Fibonacci Retracement Level of its November 2014 – July 2015 downside. As the northward trending channel favors the pair's up-move, a break of 0.7615-20 can propel its rise towards 0.7700; however, the mentioned channel resistance, at 0.7745-50 now, might restrict it further advances. If the pair surpasses 0.7750, it pair bulls can fuel it to 0.7850-60 upside area prior to targeting 0.7900 and the December 2014 highs of 0.8000 psychological magnet. Though, failure to surpass the immediate resistance, coupled with bearish momentum, might drag the pair to channel support of 0.7530-25, clearing which 0.7485 – 0.7500 horizontal support-turned-resistance, also including the 50% Fibo, could limit its further downside. Should the pair plunges below 0.7485, it can quickly drop to 0.7380 and the 0.7300 levels during its sustained south-run.

EURJPY

Even if the EURJPY bounced-off from its April 2015 lows near 126.00, the 128.70-80 horizontal-line resistance caps the pair's immediate rise. If the pair manage to clear the 128.80, the 129.70-80, followed by the 50-day SMA, near 130.60, are likely consecutive resistances that it might look for while pair's further advances beyond 130.60 may find it difficult to surpass 132.50-60 resistance-zone, encompassing 100-day SMA and the five month old descending trend-line resistance. Alternatively, a daily close below 61.8% FE of its June – November downside, at 127.40, can fetch the pair to re-test its recent lows, also marked in April, around 126.00. Should the pair continued extending its southward trajectory below 126.00, chances of its plunge to 123.00 round figure mark, also including 100% FE, can't be denied.

EURNZD

Failure to break the 1.7250-70 horizontal resistance dragged the EURNZD towards testing 1.6500 support; though, a bounce from the same presently pulls the pair towards 1.6900, breaking which it could aim for breaking the mentioned resistance-line. If the pair manages to clear 1.7270, it can quickly rise to 1.7500 mark prior to testing the 23.6% Fibonacci Retracement of its April – August rise, near 1.7550 while sustained up-move beyond 1.7550 can fuel the pair to 1.7900 and the 1.8000 round figure mark resistance levels. Meanwhile, 1.6500 might continue restricting the pair's immediate decline, breaking which 1.6330, indicating 50-day SMA, and the 50% Fibo, near 1.6280, are likely important support levels for the pair. Given the pair's continued south-move below 1.6280, nine-month old ascending trend-line support, near 1.6050, represents the critical number that the pair traders should watch, breaking which the pair can plunge to 61.8% Fibo, near 1.5700 level.

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