Forex Technical Analysis Overview: September 6th

Here is an overview of the forex technical analysis and expected support and resistance points for EUR/USD, USD/JPY and EUR/GBP for today, September 6th.

EUR/USD

Drop from 14550 trying to extend below the redrawn daily Uptrendline off 2010 low/ daily Bollinger bottom

(1.4081/ 1.4083) and testing 1.4055 (see graph: neckline Double Top).

Support area at 1.4040/ .4037 (weekly envelope bottom/ today’s low?), with next levels at 1.4020/ .4015 (1st target of daily Flag break off 1.3837/ 200 Day Moving Average↑) and 1.3998/ .3991 (daily modified Alpha Beta trend bottom/ daily envelope bottom), where pause favored.

If unable to hold, next levels at 1.3969/ .3958 (monthly envelope bottom/ daily Starc bottom): tough on 1st attempts. Resistance at 1.4119 (daily envelope top + daily modified Alpha Beta trend top), with next levels at 1.4162/.4173 (reaction highs hourly), ahead of 1.4195/ .4198 (gap hourly/daily Short Term Moving Average↓), where pause favored.

If unable to cap, next levels at 1.4288 (reaction high hourly), ahead of 1.4302/ .4315 (weekly Short + Medium Term Moving Averages↓/ reaction high hourly) and 1.4359/ .4373 (breakdown daily/ broken daily Flag bottom off 1.3837): suspect tough on 1st attempts.

USD/JPY

Rebound off new historic low: pair currently still above 76.50 (see graph) and above the broken daily channel top off 94.99 (76.19 today), with broken weekly Downtrendline off 101.45 at 74.97. Resistance at 76.99/ 77.12 (reaction high hourly+ daily modified Alpha Beta trend top/ daily envelope top), with next levels at 77.18/ .20 (daily Bollinger top/ daily Long Term Moving Average↓) and 77.25 (Sept 01 high), where pause favored.

If unable to cap, next levels at 77.70 (Aug 25 high + weekly envelope top), ahead of 77.90/ 78.06 (monthly envelope top/ 38.2% 85.53 to 75.94) and 78.20/ 78.30 (23.6% 85.53 to 75.94/ breakdown daily): tough on 1st attempts. 1st Support area at 76.69 (current week low + daily envelope bottom + daily modified Alpha Beta trend bottom), with next levels at 76.42/ 76.38 (Aug 31 low/ daily Bollinger bottom), where pause favored.

If unable to hold, next levels at 76.19 (see above), ahead of 75.94 (new historic low) and 75.81/ 75.69 (weekly envelope bottom/ weekly Bollinger bottom): tough on 1st attempts.

EUR/GBP

Pair failed near .8886 (see graph). Support at .8732/ .8725 (today’s + current week low?/ reaction low hourly), with next levels at .8704/ .8700 (monthly Medium Term Moving Average↑ + daily modified Alpha Beta trend bottom/ daily envelope bottom),
where pause favored.

If unable to hold, next levels at .8697/ .8690 (reaction low hourly + daily Uptrendline off year low/ broken 1st daily Downtrendline off year high) and .8683 (daily Bollinger bottom + weekly envelope bottom + 50 Week Moving
Average↑ + monthly envelope bottom): tough on 1st attempts.

1st Resistance at .8769/ .8771 (reaction high hourly + daily envelope top + daily modified Alpha Beta trend top/ daily Long Term Moving Average↓), ahead of .8781 (daily Short Term Moving Average↓) and .8795/ .8796 (current week high/ breakdown daily), where pause favored.

If unable to cap, next levels at .8821 (reaction high hourly), ahead of .8842 (redrawn daily Downtrendline off year high): tough on 1st attempts.

Source: KBC Bank