Increased channel failure indicates further losses for the EUR / USD pair.

In the EUR / JPY, the break of the Bull Flag resistance may be an incentive to move to new annual highs.

The EUR / GBP EUR / GBP pair continues to strengthen in a symmetrical triangular pattern. Is there a high-level failure?

The euro may be more vulnerable to losses against the US dollar in the short term as the price crosses key support. However, currency trading blocks may remain strong against the Japanese yen and the British pound. Here are some spectacular EUR / USD, EUR / JPY and EUR / GBP levels in the coming weeks.

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EUR / USD Daily chart

The EUR / USD exchange rate in the Forex market may decline after climbing the new multi-year highs on January 6 (1.2349), as the price through the support of the uptrend channel and psychologically up to 1.222 Falls.

With the RSI diving towards its neutral midpoint and a rough intersection at the MACD, the path with the least resistance appears to be shorter in the short term.

A convincing break below the December 4 high (1.2178) is likely to lead to a wider retreat towards the 34-day moving average (1.2138). Provides a possible clearing route for sellers to check the December 9 low (1.2059). A clearing that will most likely make its way to sellers for review on December 9 (1.2059).

If buyers can overcome the resistance (1.2238-8) in the EMA, it can open a profit above 1.2200 and reach the highest annual price (1.2349).

The IG customer expectations report shows that 41.48% of traders are net long and the ratio of short to long traders is 1.41 to 1. The net number of long traders is 16.26% lower than yesterday and 17.39% higher than last week and the net number of short traders is 4.11% lower than yesterday and 1.03% higher than last week. We have, and the fact that they are net short traders, shows that the net short positions are more than yesterday and less than last week. The combination of current sentiment and recent changes is creating more bias in the EUR / USD pair.

Daily Chart of Euro / Japanese Yen

On the other hand, the EUR / JPY pair seems to be rising for a side pressure and overcoming the resistance of the rising flag and the upper limit of April 2019 (126.79).

However, the hanging male candlestick is only shy of the highest price of 2019 (127.50), indicating that if sellers can successfully bring their price below the 8-day moving average (126.77), they can Have an upward trend.

A daily return below 126.70 could lead to a pullback to the lowest monthly level (126.04), possibly breaking the support of 125.70 – 125.90.

Conversely, if the 8-EMA support remains intact, a higher impulsive movement appears. Bull Flag implicit action indicating that EUR / JPY may rise 2.2% above current level to check the psychological imposition mark of 129.00.

The IG Customer Determination Report shows that 40.50% of merchants are net long and the ratio of short to long merchants is 1.47 to 1. The number of long net traders is 2.08% higher than yesterday and 24.05% higher than last week, while the number of net short traders is 6.49% higher than yesterday and 20.67% higher than last week.

We usually have the opposite view of collective sentiment, and the fact that net short traders say EUR / JPY prices may continue to rise.

However, traders are less pure shorts than yesterday and compared to last week. Recent changes in sentiment warn that the current EUR / JPY price trend may soon subside, despite the fact that net short traders remain.

Daily chart of Euro / Pound

The EUR / GBP rate continues to rise in the range of a symmetrical triangle as prices begin to stabilize psychological support above 0.9000.

As the price continues to move above the 200-day moving average (0.8982), and the MACD floats above its neutral midpoint, the path of minimum resistance in favor seems to be high.

A daily close range above -100 MA (0.9034) is likely to create a pressure to challenge the amplitude resistance at 0.9070 0.9085. The barrier that is likely to provide a pathway for triangle strength testing, with a daily close of 0.9175, is finally needed to continue pattern validation.

The implicit measured movement of the symmetrical triangle indicates that buyers can push the exchange rate higher in March 2020 (0.9499).

The IG Customer Determination Report shows that 40.02% of merchants are net long and the ratio of short to long merchants is 1.5 to 1. While the number of net short traders was 5.77 percent lower than yesterday and 43.68 percent higher than last week.

We usually have the opposite view of collective sentiment, and the fact that the real traders are net shorts, EUR / GBP prices may continue to rise.

The position of net shorts is less than yesterday and more than last week. The combination of current sentiment and recent changes creates a greater EUR / GBP trading bias for us.

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