EURUSD approaching the October highs yesterday as the pair touched levels of 1.3794 yesterday but closed lower at 1.3760. The EURUSD has made a move higher of more than 270 PIPS form the beginning of the month. The dominant trend remains bullish as price action is in a formation of higher highs and higher lows. Below support at 1.3695 would be a bearish signal and could extend declines lower towards 1.3644 initially. As long as this market remains above 1.3695 levels, bias remains to the upside with targets at 1.3822 initially and above.

EURUSD approaching the OCT highs.
Support 1.3695 1.3644 1.3596
Resistance 1.3800 1.3832 1.3858


USDJPY forming a double top at levels of 103.39, the pair couldn’t break those levels, the 2nd time this month as sellers emerged at those levels sending the USDJPY down. Currently the pair is trading at support levels of 102.40, a break below exposes 101.97 next, followed 101.61. Below 101.61 would be a bearish signal which would turn focus to the downside at least for the short term. Above the daily highs posted today at 102.94 would be a bullish sign, focusing the highs again.

USDJPY forming a double top.
Support 102.40 101.94 101.61
Resistance 102.94 103.39 103.72


The GBPUSD has been consolidating yesterday and today as well, as the pair is hovering around the monthly highs posted yesterday at 1.6466. Bias remains to the upside with targets to new monthly highs as the pair tested 1.6290 on Friday but on Monday this week the pair posted a long bullish candle, indicating that the sentiment is bullish. Below the Friday lows at 1.6290 would be a bearish signal.

GBPUSD hovering around the monthly highs.
Support 1.6383 1.6344 1.6290
Resistance 1.6466 1.6512 1.6546