EURUSD
The euro maintains its bid tone against the dollar, orbiting around the recent multi-month high reached on yesterday at 1.4685. First resistance is emerging at 1.4720 – the top of December 2008, and a break above that level will open 1.5. Both short-term and intra-day studies are positive and the intra-day sentiment will remain intact as long as the euro holds gains above support into the 1.4600-1.4620 region. Short-term studies will maintain the upside bias while 1.4400 is intact therefore momentum won’t be affected on a potential retracement of 200-300 points. Current quote is 1.4685 @05:50 GMT
Support: 1.4600/20, 1.4550, 1.4500 and 1.4450
Resistance: 1.4700, 1.4720/50 and 1.4800
GBPUSD
Downside is under pressure as the break down below the trend line support around 1.6525 has been violent and the Pound extended losses towards the 1.6400 handle, finding support on the 50% retracement of 1.6115-1.6740 – at 1.6425. The 1.6500 mark couldn’t be breached on the recovery attempt therefore the downside pressure remains high for now. Although the dollar is weak across the board, the Pound isn’t performing any better, being sold off against the EUR and Yen as well. Short-term sentiment is still positive but on a break down below 1.6400 it will turn bearish, signaling that the up leg to 1.6700/40 has been corrective in nature. On the upside, resistance is noticed at 1.6500 and 1.6530/50. A break above 1.6550 is required to signal a resume of the uptrend. Downside is favored for now therefore look for a potential re-test of 1.6400 and maybe 1.6300 later, if 1.6400 fails. Current quote is 1.6448 @05:50 GMT
Support: 1.6400, 1.6350 and 1.6300
Resistance: 1.6500, 1.6530/50 and 1.6600
USDJPY
The dollar has reached 91.65 on yesterday’s recovery but that was 35 points below my short entry order therefore it was missed, but my plan to sell on a potential recovery to 92.00 remains valid. Intra-day sentiment is neutral while the short-term studies are bearish. Since there are no signs of an extended recovery yet, selling the minor pullbacks remains a valid option. Current quote is 90.96 @05:50 GMT
Support: 90.50, 90.00 and 89.00
Resistance: 91.50/65, 91.85/00 and 92.50
