EURUSD
The euro holds gains against the dollar not far below the 1.4600 handle, the new YTD high which has been reached on yesterday. Upside remains favored and potential pullbacks should face support into the 1.4500/30 region then lower, at 1.4430/50 where a more notable support is formed. On the upside, 1.4600 provides minor resistance while more important barriers are emerging at 1.4620 and 1.4720. A potential break above 1.4620 will provide a highly bullish confirmation on the longer term trend. Although I’m bullish on the EUR, I suspect that 1.4620 will provide a reversal point for at least 200 points correction but time will tell. Keep an eye on that level if we get there today. Intra-day sentiment is also positive. Current quote is 1.4580 @06:00 GMT
Support: 1.4535/50, 1.4500 and 1.4430/50
Resistance: 1.4600, 1.4620, 1.4700 and 1.4700
GBPUSD
Cable holds steady ahead of today’s Interest Rate Decision in the U.K. at 12:00 GMT – the rate is expected to remain unchanged, at .50%. First important resistance comes at 1.5675 – formed by the median retracement of the last down leg from 1.7040 to 1.6110. Above 1.5675, next notable resistance comes at 1.6685 – the 61.8% retracement of the mentioned down leg. On the downside, support is emerging at 1.6500 backed by 1.6450/65 and 1.6400. Both short-term and intra-day studies are bullish. Current quote is 1.6554 @06:00 GMT
Support: 1.6500, 1.6450/65 and 1.6400
Resistance: 1.6575, 1.6685/00 and 1.6750
USDJPY
Price has spiked below 92.00 on yesterday’s dollar decline which tries to recover at the time of writing this. First intra-day resistance is formed around 92.25/30 followed by 92.50/65 and 93.00. Extended gains may bring the downward trend line marked on the attached 4-hrs chart below on focus. A break above the mentioned trend line is needed to signal a change in short-term’s trend but it will be quite hard to advance too far above 93.00 while downtrend is so strong. Current quote is 92.12 @06:00 GMT
Support: 92.00, 91.50/65 and 91.00
Resistance: 92.25/30, 92.50/65 and 93.00/25
