|EUR-USD @ 1.4357/60...May see corrcective upmove next week|
|R: 1.4429-47 / 1.4479 / 1.4565|
S: 1.4360 / 1.4270 / 1.4179
The Euro has been extremely ranged through the day. The pair has fallen steeply over the last few days without major correction on the way. If the Support of 100-week MA continues to hold, the pair may seek some significant retracement next week, targeting 1.4625. The 200-DMA has not been tested and till that holds, the fall since the beginning of this month would be seen as a retracement/correction to the rise since Mar-09. The Projected Max High and Low for the day is at 1.4447 and 1.4270 respectively.
|USD-JPY @ 90.28/31...Immediate Resistance at 90.35|
|R: 90.35 / 90.80 / 91.40|
S: 89.50-35 / 88.90 / 88.40
Dollar-Yen has risen breaking above 90 during the day and tested the Resistance at 90.35 mentioned earlier. The Resistance has held and it has fallen slightly below the Resistance. If it continues to trade above 90 and gains upside momentum, a break above 90.35 might take it up towards the next significant Resistance seen at 90.80. The broader picture continue to remain bearish and we expect this Resistance at 90.85 to hold if a break above 90.35 is seen during the US session today.
On the other hand if the immediate Resistance at 90.35 continue to hold, we might see a downmove towards the Support in 89.50-35 region.
|EUR-JPY @ 129.70/75...Bounces back|
|R: 130.50-67 / 130.80-96 / 131.24-53|
S: 129.64 / 129.17 / 128.09
The Cross has bounced towards 130 during the day. We had mentioned in the morning that The Cross has been moving in the broad range of 127-139 over the last several months now. But every time, it has fallen towards the lower end of the range, it has bounced back very sharply. By that analysis, it should appear that the pair should now surge back towards 130+ levels over the next couple of weeks. The pair may now turn ranged during the US session and also possibly for the next couple of weeks before rising further. Has the pair resumed its oscillation around 130 once again? We shall have to see.
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