EURUSD: The EURUSD has closed yesterday trading negatively posting a bearish engulfing outside day on the daily time frame. Weekly signals wore bearish for the pair after closing last week negatively for a 2nd week in a row. The pair is currently trading at 1.2948 forming a weekly low at the open of the European session.  Our call is to stay bearish, leaving room to sell rallies as long as we are below weekly highs at 1.3077. Immediate targets are at 1.2900, followed by 1.2835. The risk to this call is a move above 1.3077 which would be a positive sign and negate our outlook.

USDJPY: The USDJPY has closed yesterday’s trading positively, posting a 4th consecutive positive close in a raw. Yesterday price action was major in the pair, forming a long bullish candle on the daily time frame. The pair is coming off from weekly highs 100.84 at early European, Weekly highs could offer some resistance to the pair and a break above is needed in order for bullish momentum to resume next target are at 101.25 and 101.78. A break below 99.25 would turn weekly bias to bearish with targets at 98.7 and 98.27.
GBPUSD: Price action in the GBPUSD is forming a series of lower highs and lower lows, wgich is indicative of a strong bearish trend. Weekly signals for the GBPUSD wore bearish after posing a 2nd negetive weekly  close in a row. Daily sentiment is at oversold extrems, bearish positions require catious. Our call is staying mildly bearish until at least until a bullish signal apears with targets at 1.5100 and 1.5070. A move above weekly highs at 1.5248 would negate this outlook and would be a bullish signal.