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FX.co ★ Comprehensive analysis of movement options for the main cross-currency instruments EUR/GBP & GBP/JPY & EUR/JPY (Daily) on August 2020

Comprehensive analysis of movement options for the main cross-currency instruments EUR/GBP & GBP/JPY & EUR/JPY (Daily) on August 2020

Minute operational scale (Daily)

What will the main cross-instruments perform in August? Options for the development of the movement of EUR/GBP & GBP/JPY & EUR/JPY in the daily timeframe from August 6, 2020.

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Euro vs Great Britain pound

From August 6, 2020, the development of the movement of the "main" cross-instrument EUR/GBP will continue in the 1/2 Median Line channel (0.9155 - 0.9010 - 0.8875) of the Minor operational scale fork, taking into account the direction of the range breakout:

  • resistance level of 0.9060 - the control line UTL of the Minute operational scale fork;
  • support level of 0.9010 - 1/2 Median Line Minor;

We look at the animated chart for details of how these levels were worked out.

The breakdown of the support level of 0.8875 on the lower border of the channel 1/2 Median Line of the Minor operational scale fork will do the actual continuation of the downward movement of the "main" cross-tool to the borders of the channel 1/2 Median Line (0.8780 - 0.8695 - 0.8605) of the Minute operational scale fork and equilibrium zone (0.8695 - 0.8545 - 0.8385) of the Minor operational scale fork.

If the resistance level of 0.9155 breaks at the upper border of the channel 1/2 Median Line Minor, followed by a breakdown of the initial SSL line (0.9195) of the Minor operational scale fork, the upward movement of EUR/GBP can be continued to the warning line UWL38.2 Minor (0.9430) with the prospect of updating the maximum 0.9498.

The EUR/GBP movement options from August 6, 2020 are shown on the animated chart.

analytics5f2abc95dbf2f.jpg

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Euro vs Japanese yen

The development of the movement of the EUR/JPY cross-instrument will continue from August 6, 2020, depending on the development and direction of the breakdown of the range:

  • resistance level of 125.40 - the UTL control line of the Minute operational scale fork;
  • support level of 124.50 - the RL100.0 reaction line of the Minor operational scale fork.

The breakdown reaction lines RL100.0 Minor - support level of 124.50 - will direct the development of the movement of this cross-tool to the borders of the channel 1/2 Median Line (123.40 - 122.80 - 122.10) of the Minute operational scale fork and equilibrium zone (122.10 - 120.90 - 119.65) of the Minor operational scale fork.

If the resistance level of 125.40 is consistently broken on the UTL control line of the Minute operational scale forks and the FSL end line (125.85) of the Minor operational scale forks, it will be possible to reach the EUR/JPY warning lines - UWL38.2 Minor (127.80) and UWL61.8 Minor (129.05).

We look at the EUR/JPY movement options from August 6, 2020 on an animated chart.

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analytics5f2abcbe3bd22.jpg

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Great Britain pound vs Japanese yen

The development of the movement of the GBP/JPY cross-instrument from August 6, 2020 will be conditioned by the development and direction of the breakdown of the boundaries of the 1/2 Median Line (140.75 0 139.60 - 138.60) of the Minute operational scale forks - the movement markings inside this channel are shown in the animated graphics.

A breakdown of the lower border of the channel 1/2 Median Line Minute - support level of 138.60 - will direct the downward movement of GBP/JPY to the borders of the channel 1/2 Median Line (136.60 - 133.90 - 131.10) of the Minute operational scale forks.

When the upper border of the channel is broken by 1/2 Median Line Minute - resistance level of 140.75, the upward movement of this cross-tool will continue to the borders of the equilibrium zone (143.10 - 146.90 - 150.40) of the Minor operational scale forks.

Details of the development of the GBP/JPY movement from August 6, 2020 are shown on the animated chart.

analytics5f2abcdabc781.jpg

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The review is compiled without taking into account the news background, the opening of trading sessions of the main financial centers and is not a guide to action (placing "sell" or "buy" orders).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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