Forex Marketz Daily Forex News – Fully Markets Update
S&P 500 (2,002.28)
The Standard and Poor’s 500 seems to be hesitating quite a bit above that key technical level at 2,000. Should we reverse lower, we see near term support at 1,990 then at 1,985.50. A daily close below that targets 1,960.
Alternatively, should we resume our climb, a move above 2,005 targets 2,006.50. A break and daily close above that latter level targets 2,020 then opens the gates for 2,030 then 2,030.50.
EUR/USD (1.31294)
The euro’s decline seems to be take a rest above the key technical level at 1.31. We are still at the lowest price level in a year and the outlook is still quite bearish.
A close below 1.3105 targets 1.31. If this happens, the gates open for a gap lower to 1.3065 then the key round level at 1.30. Should we defend at the current level and move higher, we need a move back above 1.3150 to signal a bottom. If this happens we can then test 1.32 hen 1.3205.
USD/JPY (¥105.015)
The dollar continues to strengthen, quite aggressively, against the yen. We are pushing towards the yearly highs with a close above ¥105.20 allowing a retest of ¥105.40/45.
Should this happen we would then push towards ¥105.60 then ¥105.65. An alternative view, a move below ¥104.80 would then see a challenge of ¥104.45 then ¥104.35/30.
