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May 29 market commentary and technical levels
[B]EURUSD Outlook[/B] The Greenback continued it's gain against Euro yesterday, but with less power. However, my model is short, targeting [B]1.5550[/B] area. [B]EURUSD [/B]need to stay below support level [B]1.5610[/B] to keep this short term bearish momentum intact. Remember that the major trend of [B]EURUSD[/B] is up, so we must see this bearish momentum as a correctional move. Immediate resistance seen at [B]1.5695[/B] area followed by [B]1.5750[/B]. [B]CCI[/B] in neutral zone on daily chart. [B]EURUSD Daily Supports and Resistances: [/B] S1= [B]1.5582[/B] S2= [B]1.5518[/B] S3= [B]1.5429[/B] R1= [B]1.5735[/B] R2= [B]1.5824[/B] R3= [B]1.5888[/B] [B]GBPUSD Outlook[/B] After violated the bullish trend line on my hourly chart, the [B]GBPUSD[/B] move in ranging market of [B]1.9820[/B] and [B]1.9710[/B] area. The pair need a break out from that ranging area. My model is mixed, no trading zone. [B]GBPUSD Daily Supports and Resistances:[/B] S1= [B]1.9727[/B] S2= [B]1.9654[/B] S3= [B]1.9605[/B] R1= [B]1.9849[/B] R2= [B]1.9898[/B] R3= [B]1.9971[/B] [B]USDJPY Outlook[/B] Looks like the the [B]USDJPY[/B] is in solid bullish momentum. Yesterday the pair topped at [B]105.31[/B], closed a little bit lower at [B]104.67[/B]. My model is long, targeting [B]105.90[/B] area. The pair need to stay above key level [B]105.20[/B] (50 % Fib retracement from [B]95.73[/B] to [B]114.77[/B]) to keep the bullish scenario intact. Immediate support seen at [B]104.50[/B] followed by [B]104.00[/B].[B] CCI[/B] already in overbought area on 4h chart, so watch out for a minor downside risk. [B]USDJPY Daily Supports and Resistances:[/B] S1= [B]103.93[/B] S2= [B]103.20[/B] S3= [B]102.51[/B] R1= [B]105.35[/B] R2= [B]106.04[/B] R3= [B]106.77[/B] [B]USDCHF Outlook[/B] Yesterday the [B]USDCHF[/B] reached my long target at [B]1.0391[/B], even further, topped at [B]1.0422[/B]. My model remains long, targeting [B]1.0490[/B] area. Immediate support is seen at [B]1.0320[/B] area. [B]CCI[/B] in overbought zone and about to cross 100 line down on 4h chart, so watch out for a minor downside pullback. [B]USDCHF Daily Supports and Resistances:[/B] S1= [B]1.0280[/B] S2= [B]1.0188[/B] S3= [B]1.0117[/B] R1= [B]1.0443[/B] R2= [B]1.0514[/B] R3= [B]1.0606[/B] Have a great day!