Swissquote Daily Technical Report: EUR/USD hit hard by ECB – what’s next?


 

In Swissquote’s Friday short term technical trading report, the research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for EUR/USD and USD/JPY. To view and download the entire report, click here (PDF).

EUR/USD hit hard by ECB

• EUR/USD has crushed its key support at 1.3105 (06/09/2013 low) following the ECB’s decisions.
Hourly resistances for a short-term bounce can be found at 1.3000 (psychological threshold) and 1.3110 (02/09/2014 high).

• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. The break of the key support at 1.3105 (06/09/2013 low) opens the way for a decline towards the strong support area between 1.2755 (09/07/2013 low) and 1.2662 (13/11/2012 low). A key resistance lies at 1.3297 (22/08/2014 high).

eurusd

USD/JPY: Challenging the strong resistance at 105.44

• USD/JPY is challenging its strong resistance at 105.44 (see also the 61.8% retracement and the
long-term declining trendline). A break of the hourly support at 104.74 (03/09/2014 low) would favour the start of a short-term correction. A key support area stands between 103.56 (28/08/2014 low) and 103.50 (22/08/2014 low).

• A long-term bullish bias is favoured as long as the key support 100.76 (04/02/2014 low) holds.
The break to the upside out of the consolidation phase between 100.76 (04/02/2014 low) and
103.02 favours a resumption of the underlying bullish trend. Strong resistances can be found at 105.44 (02/01/2014 high) and 110.66 (15/08/2008 high).

usdjpy

Swissquote, a member of LeapRate’s Globally Regulated Broker List has the most advanced technology and sufficient liquidity, and its completely transparent foreign exchange trading pattern is unique, which helps ensure its customers trade with the best prices current at the time of the transaction. Swissquote’s financial and economic expert team provides its customers with high-quality technical analysis and research reports every day.

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Swissquote Daily Technical Report: EUR/USD hit hard by ECB - what's next?

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