Forex Marketz Daily Forex News – Fully Markets Update
S&P500 (2,000.05)
We are noticing a Hanging Man chart formation forming near the round resistance at 2,006.00. This is an indication of a looming pullback. We see near term support at 1,990.50 then another level at 1,985.50. A break below that targets 1,963.50.
Should the market continue pushing higher, a break above 2,010.00 targets the next key technical resistance at 2,025.00 then 2,027.25.
USD/JPY (¥103.765)
The dollar seems to have formed a top near ¥104.273. We note the formation of a bearish star pattern then a pullback. Prices are consolidating a bit now. We see near term support at ¥103.657. A break lower here targets ¥103.20.
A reversal higher, and the dollar strengthens, we need a daily close above ¥104.15. If this happens, we can target ¥104.45/50 afresh.
EUR/USD (1.3179)
The Euro might be gearing for a recovery. Just above the technical level at 1.31517 we formed a engulfing candlestick. Right now, to confirm this, we need a close above 1.3230.
A close above 1.3230 targets 1.3280. Should the euro continue sinking, a move below 1.3150, a key technical level, targets 1.3065/60 congestion area.
