Technical Analysis

EUR/USD under pressure The euro is cementing its reputation as the funder of choice so far this year and today’s price action hammers home the point. It’s down 35 pips to 1.1102 and only the 55-dma just under the figure is supporting it. I also spy a head-and-shoulders top in the par with a neckline
100 hour MA stalls the fall The GBPUSD moved to test it’s 50% retracement at the 1.31185 ahead of the December retail sales report and found some profit taking sellers.  Nevertheless, the prices just 11 pips off the high price as the weaker than expected retail sales were reported (-0.6% versus +0.5% estimate).  The surprise decline sent the pair tumbling lower with
Moving away from the 50% retracement The EURUSD is continuing the move to the downside and in the process is moving away from the 50% retracement 1.1089.  The next target would be a lower channel trendline that comes in at 1.10768. Below that is the 100 day moving average at 1.1063. Also near that level is the 61.8% retracement of the move
New highs back to end of March The GBPUSD has moved to a new day high and new highs since the end of March.  Connecting recent highs on the hourly chart, that trend line comes in at 1.31956. Breaking above it and the 1.3200 level would be more bullish. As per the prevous posts on
USDJPY finds sellers vs the 100 hour MA The USDJPY has drifted higher and in the process has tested its 100 hour moving average at 108.674.  Earlier today, the pair held support against its low price from last week at 108.422. I spoke about that risk defining level in an earlier post (click here). The level did in fact hold
Still lower on the day but well off the lows. The US stocks are recovering and trading near highs for the day.  The snapshot of the major indices shows the S&P index -21.52 points. The NASDAQ index -53.94 points and the Dow down -282.29. Those levels are well off session lows where the Dow was down as much as 457.91