Goldman Sachs' short-term technical analysis of the major pairs

Goldman Sachs presents its short-term technical analysis of the EUR/USD, GBP/USD and USD/JPY pairs.

EUR/USD:

To maintain a bullish bias, price drops must not fall back below 1.17. If the EUR/USD is actually in wave 5 since January, its minimum target is projected at 1.2042 and an extended target is at 1.2344.

GBP/USD:

The weekly oscillators have completed a triple divergence against their peaks. The area to watch for a decline is at 1.3120/1.3027 (bevel support is the October low). A resistance level is at 1.3252.

USD/JPY:

The USD/JPY is retreating below 112.27. This puts the 111.90/111.65 area in sight (at a minimum). This is then followed by 111.26. A return to 108 is a possibility.