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The break below 1.4740 was a real trigger yesterday and the Euro fell about 2 figures after the comments made by ECB member Mersch. Looking at the daily chart now it could be a double top formation forming, but a bit early to say just yet. For today, resistance is up at 1.4740 and support coming at 1.4570 with more at the 1.4520.
Support: 1.4570, 1.4520 (former overhead res line), 1.4428 (key rising sup)
Resistance: 1.4740 (key break level yesterday), 1.4920, 1.4967 and 1.5000
240 min â€“ Falling resistance coming in at 1.4775.
The 1.9750 resistance held yesterday as well and now looks like the major level that needs to be broken so see a move higher. The1.9660 level has been the swing level for intraday moves over the last few days. Technically still looking weak below 1.9871 falling resistance. Have another falling resistance at 1.9970 as well. But from looking at the price action over the recent days, it looks a bit like 1.9480 is a bottom near term at least.
Support: 1.9480 (key Jan low), 1.9310
Resistance: 1.9660 (swing level), 1.9735 (falling res), 1.9871 (falling res), 1.9970 (falling res), 2.0170 (Key level)
120 min â€“ Falling resistance at 1.9730 that needs to be taken out to move higher.
Some resistance coming in at 1.1095 (falling res) today and as mentioned yesterday the case was for a recovery to 1.1045 after it tested 108.50 level. Now looks like 1.1085-90 is an attractive area to get short with a tight stop.
Support: 1.0950 (break out level yesterday) 1.0880, 1.0840 (overnight low)
Resistance: 1.1045 (falling res), 1.1205(former support level), 1.1350(former support), 1.1503 and 1.1596 (key falling resistance)
120 min â€“ Falling resistance was taken out yesterday, 1.0950 minor support today.
Bearish below 107.92 (falling res) today and indeed the 105.90 support level held as I indicated yesterday and it shoot up higher from there testing the falling trend line at 107.90 this morning. However the break below 107.20 Tuesday was a significant technical break on longer term chart and opens for 105.00 or so near term. But watch stocks for further direction in USDJPY as any recovery in the stock market will see the USDJPY go higher and a break of 108.10 is bullish.
Support: 105.90 (key level), 104.95
Resistance: 107.25 (break down level), 107.92 (falling res), 110.00, 110.70, 112.80 (key level) 114.60 (key level), 114.73 (reaction high 11/7-07)
Longer term rising support coming in at 153.50, so could we see a test of this level soon? Watch the stock market for any clues on a correction higher, as long as stocks go lower it will move towards 153.50 near term, but if stocks pick up then I think it will shoot higher. Falling resistance coming in at 160.57 today and any approach of this level looks like an attractive short trade.
Support: 155.15, 153.50 (long term rising trend line)
Resistance: 158.80, 159.50, 160.05, 160.57(falling res from the Dec highs)
Key rising support at 1.0005 and falling resistance coming in at 1.0360, so that looks like the range to play for now, but favor playing it from the long side at the moment.
Support: 1.0005 (rising support from low), 0.9830 (key level), 0.9703 (1 month low)
Resistance: 1.0250 (Dec high), 1.0360 (key level, overhead res), 1.0400(former key support.)
The break of 0.7540 support yesterday was the trigger for a solid correction lower, next key support levels are 0.7420 followed by 0.7350.
Support: 0.7420, 0,7350, 0.7232 (rising support)
Resistance: 0.7540 (break down level from yesterday), 0.7612 (all time high)
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