|
 
EURJPY: Risk Continues To Point To The 102.52 Level And Beyond EURJPY- With the cross holding above the 102.19 level and challenging the 102.52 level, its Dec 21’2011 low, further upside offensive looks to continue.Above the 102.52 level will call for a run at its Dec 12’2011 high at 103.86 and possibly higher towards its Dec 02’2011 high at 105.69. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, the risk to our analysis will be for the cross to return to the 99.02 level where we could see a reversal of roles as support to occur. However, below here if seen will switch attention to the 97.02/00 levels where a breach will resume its broader downtrend towards the 96.76 level, its Dec 12’2000 low. Further down, support stands at the 96.00 level, its psycho level. All in all, EURJPY faces further corrective recovery risk having returned above the 102.19 level. 
EURUSD: Turns Above The 1.3233 Level, Looks To Strengthen Further. EURUSD: Having climbed above its key resistance at the 1.3233 level, its Jan 27’2012 high, we are looking for EUR to strengthen further. This will aim at the 1.3375 level, its Dec 12’12 high with a breach targeting its Dec 02’2011 high at 1.3547. Its daily RSI is bullish and pointing higher suggesting further strength. Alternatively, on pullbacks support lies at the 1.3233 level where a violation will aim at the 1.3000 level and next the 1.2930 level, its Jan 25’2011 low. Further down, support lies at the 1.2856/75 level, its Dec 29’2011 low/Jan 2011 low. All in all, the pair looks to strengthen further having resumed its nearer term uptrend.
GBPUSD: Oversold, Triggers Corrective Recovery.
GBPUSD: Having weakened for almost four weeks in row, GBP could be shaping up for a recovery as it is oversold and has triggered a recovery in early trading today. However, we are still caUtious about its current bounce as a follow through higher will be needed to convince the market of further strength. If this occurs, the pair should force further strength towards the 1.5870 level, its Sept 13’2011 high with a loss of there targeting more upside towards its channel break out point at 1.5995. A cap is expected to occur here and turn the pair back lower. On the other hand, support starts at the 1.5706 level, representing its Sept’2011 low with a violation of resuming its weakness towards the 1.5600 level. This is an excerpt from The Professional Suite.
The Pro Plus is both an intra-day and swing trading technical research service designed to give you an edge and help you make easy and intelligent trading decisions daily.
|
CONNECT WITH US