Forex Technical Update

EURUSD

General USD weakness has traders looking to buy on dips to 1.2140 or a break of 1.2180/90 for the next target at 1.2240/50

The key area of support for EUR/USD Bulls is 1.2060/80 while the price stays above this pivotal level, buying pressure will remain as the market driver.

A break below 1.2060 will see day traders liquidate longs and another attempt at 1.2000/1.1980 Support.

USDJPY

The USD is testing Resistance in the 109.00/20 area, sellers here will be looking for another drop to 108.40/50 support and possibly 108.00

A break of resistance at 109.20 will see a run up to 109.60.

GBPUSD

The GBP is showing good strength today, and is trying to break resistance at 1.4050/60 to attack 1.4090/1.4100 and then 1.4140/60 in extension.

Buyers will now be found in force at strong support in the 1.3980/1.4000 area. However, a break back below 1.3980 will then target the 1.3920/40 area.

USDCHF

The USD remains close to its lows with support at 0.9000, a break of support will see a test of 0.8950/60.

The USD may struggle to break resistance at 0.9060/80, if it can take back 0.9080 it will open up a run to 0.9120.

Analysis provided by http://www.eightdragonscapital.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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