|EUR-USD @ 1.4732/35...Retaining the range 1.4670-4760|
|R: 1.4760 / 1.4820 / 1.4880|
S: 1.4670 / 1.4630 / 1.4580
Euro continues to retain the range 1.4670-4760 in which it has been trading since the US session yesterday. Our view continue to remain the same on the pair. A break below the lower end of the range (1.4670) might pull it down towards the Support in 1.4636-10 region. Remember this Support region houses the 100-DMA (1.4636), channel Support on the daily candles (click on the graph link below), 21-week MA (1.4610), 38.2% retracement of the rise from 1.3747 (Jun 09 low) to 1.5144 (Nov 09 high) at 1.4611. Also note that the projected Max-Low for the day is 1.4618.
On the other hand, a break above 1.4760 might see a rise towards 1.4820 in the US session today. We continue to look at opportunity to go Long. To see the chart of Euro, click on the following link: http://www.kshitij.com/graphgallery/eurcandle.shtml#candle
|USD-JPY @ 88.30/35...Trading in the Resistance region (88.35-55)|
|R: 88.35-75 / 89.20 / 89.70|
S: 87.75 / 87.00-86.85 / 86.30
Dollar-Yen broke above 88 during the day. Though it is continuing to trade above 88, the Resistance region 88.35-55 is holding it from further rise. A strong break above this Resistance region might see further rise towards 89.20 in the coming sessions. The broader picture continue to remain bearish and we expect the Resistance at 89.20 to hold if a sharp rise breaking above the immediate Resistance in 88.35-55 region is seen in the US session today. On the downside Support is seen at 87.75, a break below which might see 87.00 on the downside in the coming sessions.
|EUR-JPY @ 130.04/08...Ranged since yesterday|
|R: 130.92-131.32 / 131.64-94 / 132.98|
S: 129.59 / 128.44 / 127.92
The Cross rose through the day though still within the 128.80-130.50 range it has been oscillating in since yesterday. Further upside may find Resistance at the Projected Max High at 130.96. The Support at 128.50 has been still holding and hence a further fall towards 127 can be kept aside at the moment. A rise past the Resistance zone of 130.92-131.32 may make the pair bullish for 139 once again.
Over the last several months, the pair has been oscillating between 127-139.
Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.