Technical scale is minor, timeframe is daily
Forex crosses EUR/GBP & GBP/JPY & EUR/JPY in mid-summer 2020 in terms of the daily timeframe. Scenarios of price moves starting from July 3, 2020
EUR vs GBP
In July 2020, EUR/GBP, the main cross currency pair, is continuing its trajectory inside the a Median Line channel (0.8850 - 0.8985 - 0.9140) of the pitchfork on the minor technical scale.
EUR/GBP move within 1/2 Median Line channel https://forexdengi.com/attachment.php?attachmentid=3880283&d=1593699640
If the lower border of the a Median Line channel on the minor technical scale is broken, support of 0.8850 which determines the dynamic will be pointed towards the borders of the pitchfork's equilibrium zones. The Minor scale is 0.8775 - 0.8620 - 0.8455 and the Minute scale is 0.8720 - 0.8585 - 0.8455.
The upper border of the a Median Line channel on the minor technical scale matches resistance of 0.9140. In case the upper border is breached, the pair could hit a new high above 0.9175. EUR/GBP is likely to carry on with the upward move towards the original line SSL at 0.9260 of the pitchfork on the minor technical scale. The new high is seen at 0.9498.
EUR/GBP in July 2020 https://forexdengi.com/attachment.php?attachmentid=3880283&d=1593699640
EUR vs JPY
In July, 2020, the dynamic of EUR/JPY will go on within a trading range. A further trajectory will depend on which direction the trading range will be broken.
- Resistance of 121.50 is the upper border of ISL61.8 of the equilibrium zone of the pitchfork on the Minor scale
- Support of 121.00 is the upper border of the a Median Line channel of the pitchfork on the Minute scale
A breach of 121.00 will determine a further trajectory of this cross currency pair within the borders of the a Median Line channel (121.00 - 119.90 - 118.75) and the equilibrium zone (119.40 - 118.10 - 116.75) of the pitchfork on the Minute scale. The thing to bear in mind is the fact of testing the Median Line Minor (120.40) and the lower border ISL38.2 (119.15) of the pitchfork on the Minor technical scale.
The consequent breach of the upper border ISL61.8 of the equilibrium zone of the pitchfork on the Minor technical scale which is resistance of 121.50 and the final Shiff Line Minor (121.81) will open the door to a further rally of EUR/JPY towards the following targets:
GBP vs JPY
In July 2020, forex cross GBP/JPY is set to trade inside a trading range. Then, it will depend on which direction the price will escape this range.
- Resistance of 135.75 coincides with the lower border of the a Median Line channel of the pitchfork on the Minute scale
Support of 134.30 – the a Median Line channel of the Minor scale
If the a Median Line Minor which is support of 134.30 is broken, GBPJPY's trajectory will be directed towards support:
- 133.20 – original SSL Minute
- 132.50 control line LTL Minute
- 131.93 – local low
- 131.50 – the lower border of the a Median Line Minor
In case these lines are breached, the original line SSL (130.30) of the pitchfork on the Minor scale is possible. Besides, the price will hit a fresh local low following 129.28.
In case resistance 135.75 is broken, this cross currency pair could extend its move within the borders of the a Median Line channel (135.75 - 136.95 - 138.25) and the equilibrium zone (138.25 - 140.30 - 142.15) pf the pitchfork on the Minute scale with the prospects for further GBP/JPY's move in the equilibrium zone (141.40 - 145.10 - 148.70) of the pitchfork on the Minor scale.
GBP/JPY in July 2020 https://forexdengi.com/attachment.php?attachmentid=3880287&d=1593699707
The
This review is composed without taking into account the news background and the information on trading hours of the key financial hubs. This article does not provide directions on placing sell or buy orders but is meant for your awareness.
