|EUR-USD @ 1.4635/40...Support at 1.4600|
|R: 1.4681 / 1.4720 / 1.4779|
S: 1.4626-4600 / 1.4523 / 1.4414
Euro continues to trade near the Support. If it manages to hold on to the trendline Support at 1.46 we might see the pair crawl up on this Support for the rest of the year and may surge thereafter. An immediate break below this Support is not envisaged. But if it does, there can be a sharp fall. The Projected Max High and Low for the day is at 1.4779 and 1.4523 respectively.
|EUR-JPY @ 130.07/10...May rise further.|
|R: 130.53 / 130.80-93 / 131.26-41|
S: 129.85 / 128.23
The Cross has been rising silently since the US session and has surged right now. Over the last 2-3 days, the pair has been oscillating +/- 150 bps around 130.00. By that token, having risen from a low of 129.18 yesterday, an upwave towards 131.50 looks likely over today/ tomorrow and also there's possibility of a double dip formation on the 4H chart which would make the pair rise towards 133 over the course of the week.
The Projected Max High and Low for the day is at 131.70 and 128.23 respectively.
|GBP-USD @ 1.6286/88...Medium term bearish. Allow for 1.65 on upside.|
|R: 1.6319-26 / 1.6409 / 1.6465|
S: 1.6266-59 / 1.6229 / 1.6128
Cable has over the last 3-4 days been trading in a range of 1.6180-1.6350. As the Support at 1.6229 we have been mentioning continues to be honoured, there's possibility of a double bottom formation on the 4H chart which may lead to a rise towards 1.6500 over the next few days. Spikes below 1.6229 has been recovered soon thereafter.
But overall the pair is bearish and a structured fall towards 1.60 is likely but after allowing for a rise towards 1.65. The Projected Max High and Low for the day is at 1.6465 and 1.6128 respectively.
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