EUR/JPY: bulls keep on pushing

EUR/JPY: bulls keep on pushing


BUY 136.25

SL 135.70

TP1 137.25 TP2 138.10

On the daily chart, EUR/JPY retested the upper border of the previous consolidation range of 131.50-134.30. This and the following formation of a pinbar will allow bulls to return initiative. The necessary condition to continue advance towards 127.2% of the AB=CD pattern is the confident test of resistance at 136.25.


On H1, EUR/JPY the inability of bears to lead the pair below 38.2% of the last bullish wave points at their weakness. A break of resistance at 136.25 will open the way to the upside.



EUR/GBP: pound is chasing a bat

On the daily chart of EUR/GBP, bears managed to seize the initiative and brought the pair to the lower border of the medium-term consolidation range (0.8695-0.9015). If the pair triggers the “Bat” pattern, the odds of it going to its 88.6% target at 0.8635 will increase.

EUR/USD: bears hit the breaks

On the daily chart, EUR/USD reached an interim target at 78.6% of the “Bat”. The pair formed an inside bar. A break of its upper border will increase the odds of a break above the diagonal resistance and a trigger of the “Shark” pattern.


Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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