Euro Has More Room Towards Upside

Euro Has More Room Towards Upside

By: Simon Furman | Where To Trade | On:29-10-2014 01:07
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Key Highlights

  • Euro continued to rise against the US dollar as the latter one got hammered Intraday against almost all major currencies.
  • USDCHF pair also moved lower towards an important support area which managed to protect the downside in the pair.
  • Japanese Industrial Production released by the Ministry of Economy, Trade and Industry came in at 0.6%, compared with the last time decline of 3.3%.
  • Business Confidence released by the ANZ managed to rise from the previous reading of 13.4% to 26.5%.
  • British pound holds the bullish tone against the US dollar and is likely heading higher in the short term.

 

USDCHF

Yesterday, the US dollar dropped sharply after the economic releases in the US. The USDCHF pair moved lower towards a trend line, which acted as a support on a number of occasions. The pair spiked below the mentioned trend line once, but later managed to move back higher. However, the most important point is that the pair has closed below the 100 and 200 hourly moving averages. Currently, the pair is testing the 23.6% fib retracement level of the last drop from the 0.9556 high to 0.9443 low. So, there is a chance that the pair might struggle to break higher as the 200 hourly moving average is just above it.

Intraday Support Level – 0.9440

Intraday Resistance Level – 0.9480

  • Overall, as long as the pair stays below the 200 MA it might move lower.
  • 0.9440 is a major hurdle towards the downside for the USDCHF pair.

 

Where To Trade - USDCHF - 29-10-2014

 

As mentioned, we need to see how the pair reacts around the 0.9440 level, as it might continue to act as a support in the short term. A break below the stated level might call for more losses moving ahead.

 

GBPUSD

There is a monster bullish trend line formed for the GBPUSD pair on the one hour chart, which acted as a support on a number of times. The pair recently managed to settle above the 100 and 200 moving averages, which encouraged the British pound buyers to take it higher. Yesterday, the pair traded as high as 1.6181 where it found sellers. The pair is now moving back towards the highlighted bullish trend line, which is coinciding with the 38.2% fib retracement level of the last leg from the 1.5997 low to 1.6181 high. So, there is a chance that the pair might find buyers around the mentioned confluence support area at 1.6110. On the upside, the recent high of 1.6180 is a major hurdle for the pair and if it continues to act as a resistance, then we might see the pair dropping below the bullish trend line.

Intraday Support Level – 1.6110

Intraday Resistance Level – 1.6180

  • 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 - GBPUSD - 29-10-2014

 

On the downside, if the trend line is breached the next level of interest would be around the 200 hourly moving average, which might act as a pivot for the pair.

Simon Furman

Simon Furman

Think Global - Act Local

Simon Furman is one of the best financial analyst with 27 years of trading experience

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