|EUR-USD @ 1.4541/45...Emerging Support in the 1.4500-4475 region|
|R: 1.4579-4605 / 1.4632 / 1.4660-67|
S: 1.4500-4475 / 1.4407 / 1.4360
Euro fell to a low of 1.4505 during the US session. It continues to trade lower. But given the amount of time it has been spending near the 1.4500-1.4550 region makes us believe that the pair is carving a Support region for itself. Markets might be looking towards the FOMC. We believe that neither would the FOMC increase rates nor make any mention of it in the statement. If so, the Euro may then bounce back and then edge up towards 1.4750 over the next few days. We would however, have to allow for 1.4475 on the downside. But if things turn contrary, next important/crucial Long Term Support is at 1.4180 which will then have to be focused on.
|USD-JPY @ 89.50/53...Might rise towards 90.20-40 in the coming days|
|R: 90.00 / 90.40 / 90.90|
S: 88.90 / 88.30 / 87.80
Dollar-Yen has fallen from yesterday's high of 89.95. However, much strength is not seen in its downmove and it has taken Support at 89.40. If it once again gains upside momentum we might see a rise towards 90.20-40 in the coming days. On the downside Support is seen at 88.90. As mentioned above, since we do not see much strength on the downmove we may expect this Support at 88.90 to hold during the day.
|EUR-JPY @ 130.15/19...Oscillating around 130.00|
|R: 130.58-89 / 131.30 / 131.74-132.03|
S: 130.00 / 129.50 / 128.57
The rise during the US session was limited to 130.74 as the pair continued to oscillate around 130. Till it continues to move around 130, the +/- 150 bps oscillation on each side will have to allowed for. Hence 128.50-131.50 is a medium term range that the pair seems to have carved for itself.
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