Forex Marketz Daily Forex News – Fully Markets Update
EUR/USD (1.32027)
The Euro is now testing the lower range of its four month long bearish move versus the U.S. Dollar. We see short term support at 1.3175. This is the lower support of a cluster area that begins at 1.3205. A daily close here opens the door to test 1.3150.
The alternative view is, a move back above 1.3250 can see the euro strengthen for the key technical level at 1.3290.
USD/JPY (¥103.855)
The dollar has strengthened to just over ¥104.00 then stalled near ¥104.270/273. For the last week we have seen the dollar accelerating aggressively against the yen.
A daily close above ¥104.15 will see a test of ¥104.45/50. A failure and reversal near these levels could see a pullback. Below ¥103.65 see the pair challenge ¥103.20/15.
GBP/USD (1.65912)
The Sterling could be getting ready for a corrective bounce in this market. Just above the technical support near 1.6530 we see the formation of a bullish hammer indicating an up move ahead.
The first near term support is at 1.65 with near term resistance lining up at 1.66. A close above that level opens the doors for 1.6650 then 1.6660. A reversal here with a close below 1.6530 can then see a test of the key technical level at 1.6480 then 1.6475.
