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In Swissquote’s Thursday 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 – Pausing
• EUR/USD is trying to bounce from its oversold decline. However, the hourly resistance at 1.2988 (05/09/2014 high) has held thus far. Another hourly resistance can be found at 1.3110 (02/09/2014 low). A break of the hourly support at 1.2860 would signal the resumption of the underlying downtrend.
• 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 1.3221 (28/08/2014 high).
USD/JPY – No signs of weakening momentum yet
• USD/JPY continues its steep rise despite deep short-term overbought conditions. The technical structure remains positive as long as the support at 106.04 holds. An hourly support can be found at 106.64.
• 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. A test of the major resistance at 110.66 (15/08/2008 high) is expected.
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.