The EUR has fallen roughly 6% since reaching its high for
the year back in late November. Here are some key levels of Support and
Resistance.A breach of these levels
would trigger a continued directional play.
1.4214 or the 200 day MA (b1.4118 or
the Fibonacci 38.2% Retrace level (c)
1.3801 or the Fibonacci 50% Retrace level as well as a historical support
1.4510 or the 23.6% Fibonacci Retrace level (b) 1.4659 or the 100 day MA
Near term trend favors a weak EUR with an expected target of
1.3850 if 1.4118 is taken out
The Cable has been range bound since late May, however,
technicals are pointing towards a weakening GBP.As the Pound approaches the very low end of
the range we wanted to highlight where we see some key support and resistance
levels.The GBP recently closed below
the 200 day MA.
1.5725, just below the Fibonacci 38.2% Retrace (b) 1.5350 or the 50% Fibonacci Retrace
1.6200, just below the 23.6% Fibonacci Retrace (b) 1.6348 or the 100 day MA
Near term trend favors a weakening GBP with an expected
target of 1.5350 if 1.5700 is taken out.
The Yen has been difficult to trade all year.It has been extremely volatile at times. The BOJ taking decisive action in the Forex
Markets has also affected the Yen.The
JPY was replaced by the Dollar earlier in the year as the dominant currency
used for the carry trade.However, with
the Greenback showing recent signs of life the market may be looking to shift
the carry trade back to JPY.
92.50, due to recent price action (b)
93.70, or the 100 day MA (c) 100 â€“
the psychological as well as price action driven support level.
90.76 or the 100 day MA (b) 88.00
& 87.00 based on historical price action.
Near term trend will favor a weak JPY with a breach of
support above 92.50.We target 94.10 on
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