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EUR/USD seems to have got into a medium term sideways range between 1.3900 and 1.3600 level and this seems to give the medium term, short term and Intra-day traders some very good trading opportunities with some decent profit targets. Although the long term trend still is there so the long term traders and other traders will be looking to mostly sell EUR/USD so that whenever the EUR/USD resumes long term downwards trend, it can provider them some extended profits especially a trailing stop is utilized in that case.

On the upper side 1.3890 is the initial level traders will look to sell and if the market breaks above that level then traders will look to reverse the entries in long terms and EUR/USD will turn to long term upward ...

USD/JPY is moving a tight sideways trend which is giving short term traders some good traders but still USD/JPY is looking to break into a long term dip. The long term trader might not be focusing too much at USD/JPY at the moment but still there might be some looking to sell USD/JPY around some reasonable levels and hope it will resume its long term downwards trend sooner or later. Currently one level can be seen around 77.00 level and above that we can see 77.45 as the next potential level to sell USD/JPY for a dip towards 76.00 level. But in current scenario USD/JPY is keeping above 76.00 level and not giving much to the traders to aim for.

Looking at the moving average in the weekly charts, the market is still below all the ...

GBP/USD seems to be setting itself up for a nice dip in the long term trend towards 1.5300 level which can be further extended towards 1.5200 level. The traders will mainly be looking to sell GBP/USD on rise to take retracement. Currently the first retracement level for entry can be seen at 1.5460 level and both intra-day and aggressive traders will look to sell GBP/USD around that level. If GBP/USD breaks above the 1.5460 level, then the next level that will come into consideration to sell GBP/USD can be seen around 1.5580 level.

Looking at the moving averages used in weekly charts, it can be seen that the GBP/USD very much below all the moving averages and in case GBP/USD takes long term retracement, it will look to touch 1.5580 ...

Gbpusd is currently trading just above its 4hr range resistance line at 1.6460. This level is important also because of the fact that additional support is offered by daily highs that were breached at that level. As is indicated in the charts below though, resistance is just ahead at the underside of the 4-hour trendline at 1.6505, and further, at daily trendline and horizontal resistance line at 1.6530s.

The levels mentioned above are important in determining further direction going forward. I will be watching for a 4-hour/daily breach of 1.6540 for potential longs targeting 1.6615 high, and then the daily resistance at 1.6720. To the downside, a breach of 1.6450 will probably result in a push towards 1.6340 mid-range support ...