Euro Continues To Struggle Around 1.2720

Euro Continues To Struggle Around 1.2720

By: Oliver Miller | Where To Trade | On:28-10-2014 02:57
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Key Highlights

  • Euro managed to gain buyers against the US dollar during the late NY session, but failed to break the 1.2720 level.
  • Japanese retail sales report was released earlier during the Asian session, which managed to register a massive gain of 2.3% whereas the market was expecting it to rise by 0.6% only.
  • German import price index is a major release during the London session.
  • British pound trading higher against the Japanese yen and it need to break the 174.10 level for more upside.
  • Aussie dollar performed relatively well against the US dollar recently to trade as high as 0.8820.

 

EURUSD

Yesterday, the upside in the EURUSD pair failed right around an important resistance area around the 1.2720 level. The mentioned level represents the 50% fib retracement level of the last drop from the 1.2837 high to 1.2610 low, which also coincides with the 200 hourly moving average. The EURUSD pair traded lower after testing the mentioned confluence area. However, there is a critical bullish trend line formed on the hourly chart, which has acted as a support on numerous occasions. Moreover, the 100 MA is also sitting around the mentioned bullish trend line. So, if the pair moves a bit lower from the current levels, then it is likely to find buyers around the 1.2660-70 levels.

Intraday Support Level – 1.2670

Intraday Resistance Level – 1.2720

  • Overall, as long as the pair stays above the highlighted bullish trend line it can move higher.
  • 200 moving average might act as a strong resistance for the pair.

 

Where To Trade - EUR/USD - 28-10-2014

 

We need a break and close above the 200 MA for a sustained recovery in the EURUSD pair. If it manages to close above the same, then a move towards the 1.2800 handle is possible moving ahead.

 

GBPJPY

As it can be seen in the chart below for the GBPJPY pair that it has climbed higher and then struggled to break the 174.10 level. Similar to the EURUSD pair pattern, there is a bullish trend line on the hourly chart of the GBPJPY pair, which is acting as a support for the pair. However, there is a likely a double top pattern forming on the hourly chart, which if turns out to be true could take the pair below the mentioned trend line. Remember, in this situation the pair needs to break the bullish trend line else it might continue trading higher. The chance of a break higher is more compared with a break lower. The hourly RSI is above the 50 mark, which is a positive sign in the short term.

Intraday Support Level – 173.50

Intraday Resistance Level – 174.10

  • Buying dips around the bullish trend line can be considered.
  • A break below would invalidate the bullish view in the near term.

 

Where To Trade - GBP/JPY - 28-10-2014

 

On the upside, the 174.10 level is a key swing area for the GBPJPY pair as a break above would call for more gains moving ahead. The next level of selling interest in that situation might emerge around the 174.50 level.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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