A bullish tone prevailed in the 4 hours chart on Wednesday. The EUR/USD pair continued to advance north during the day. Buyers were able to break above 1.1050 and pushed the price even higher. Bulls managed to test the resistance 1.1100 by the end of the day. The resistance comes in at the level 1.1000, the support lies at 1.1050.
If a buying pressure persists the pair will strengthen further. Should the pair consolidate above 1.1000, buyers will lead the price towards 1.1150.
GBP/USD remained in bulls' hands on Wednesday. Buyers pushed the pair higher, the price was able to escalate to 1.2350. The resistance exists at the level 1.2400, the support stands at 1.2300.
A move below 1.2300 will increase sellers' strength. Bears may lead the price towards 1.2200. To keep on with the recovery the price needs to fixate above the level 1.2400.
The USD/JPY pair was under intense selling pressure the whole day. Prices fell from 104.00 to 103.00, breaking the level 103.50 on their ways downwards. After testing the level 103.00 the USD/JPY bounced towards 103.50. The resistance is at 103.50, the support comes in at 103.00.
As the pair is oversold we expect its recovery towards the 103.50 – 103.70 region.
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