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Briefing/Setup on EURUSD
The rise and confirmed cases of covid-19 in Europe, Australia, and New zealand has reflected on some pairs particularly the EURUSD which has been consolidating in around 200 pips trading range over the past three weeks or so.
The EURUSD pair had positively moved and gained some follow-through traction on last Thursday 14/08/2020 amid sustained selling around the US dollar. The deadlock in the negotiations for a COVID-19 stimulus package in the US continued weighing on the greenback, which was seen as one of the key factors that pushed the pair back to fresh weekly top.

From the technical perspective, above the 1.1900 price, the EURUSD pair is likely to aim towards reclaiming the key 1.2000 psychological price with some intermediate resistance near the 1.1975-80 region. Alternately, a break below the 1.1700 price will be seen as a fresh trigger for bearish traders and set the stage for an extension of the recent corrective slide from near two-year tops set that was earlier this month. The pair might then accelerate the fall towards the 1.1625-20 support area.

Further fall below the 1.1600 price will set an extension of the corrective slide towards testing the next major support near the 1.1550-40 region.

Disclaimer: I have taken a bullish position below 1.1700 price last week and most likely to take it off table before reaching 1.1900 and wait for a breakout through 1.2000 before going for the bulls again. Do not take a position blindly.

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Briefing/Setup on USDJPY

Considering the fact that USDJPY traded higher on Friday 7/8/2020 after positive US data result (Non Farm Payroll), the price has now stalled at an important level of a channel path to watch for this week. More likely to have a short time breakout on a 1 hour chart.
If the level does break the bulls may look to target the price at 106.36 which was a firm resistance at the beginning of the week on 3rd August.

In terms of support the bears might find it tough to break at 105.33 which has been used twice recently to good effect. So you should smartly take a position to take a maximum profit in-between those prices.

However, the Relative Strength Index has hit the positive overbought levels which may make the market have a short term pullback as currently revealing a signal on the 1 hour time frame.

Note that this currency pair has been tricky with market movements for some months, even years. You can check the multi year market trend to confirm that. So you should be careful with your decision.

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