EURUSD
A fresh ytd high has been reached on yesterday at 1.4765 and the euro holds steady above the 1.4700 handle, being well supported by the rising trend line seen on the 4-hrs chart attached below. While above the said support, intra-day sentiment will remain positive, favoring further upside action towards yesterday’s top side and above – all the way to 1.4850/65. Below 1.4700, next intra-day support is emerging at 1.4650 and 1.4600. In case of an extended pullback, 1.4550/60 may limit losses. Short-term studies are highly bullish and will remain intact even by retracing to as low as 1.4400. Current quote is 1.4722 @05:25 GMT
Support: 1.4700, 1.4650, 1.4600 and 1.4550/60
Resistance: 1.4765, 1.4800, 1.4850/65 and 1.4900
GBPUSD
The resistance at 1.6550 has provided a reversal point as it couldn’t be breached on yesterday’s test, therefore the 61.8% retracement of 1.6115-1.6740 at 1.6350/55 has been tested. Downside pressure is quite high and breaking below 1.6350 will signal a change in momentum on the short-term studies, therefore keep an eye on the said support. Below 1.6350, next downside objective is noticed at 1.6300. On the upside, resistance starts at 1.6425/50 followed by 1.6500 and 1.6530/60. Current quote is 1.6390 @05:25 GMT
Support: 1.6350/55, 1.6300 and 1.6200
Resistance: 1.6425/50, 1.6500 and 1.6530/60
USDJPY
Gains have been limited once again into the 91.50/60 region and the dollar tries to establish support at 91.00. Intra-day sentiment is slightly bullish and price action suggests that the dollar is likely to continue the recovery by re-testing 91.50/60. On a potential break above the said resistance, look for objectives at 92.00 and a bit above. Current quote is 91.20 @05:25 GMT
Support: 91.00, 90.50 and 90.00
Resistance: 91.50/65, 92.00/10 and 92.50
