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In SWISSQUOTE’S Thursday short term technical trading report, they’re research team outlines the major technical levels of popular currency instruments with forecasts, below is the outline for EUR/USD and USD/JPY. Download the full report by clicking here.
EUR/USD: Intraday bullish reversal near the key support at 1.3296
• EUR/USD made a bullish intraday reversal yesterday (hammer). Coupled with the proximity
of the key support at 1.3296, the odds of a short term rebound are increasing. Resistances stand at 1.3444 and 1.3503 (05/06/2014 low). An hourly can now be found at 1.3333 (06/08/2014 low).
• In the longer term, EUR/USD is in a succession of lower highs and lower lows since May 2014. The downside risk is given by 1.3210 (second leg lower after the rebound from 1.3503 to 1.3700). A strong support stands at 1.3296 (07/11/2013 low). A key resistance lies at 1.3549 (21/07/2014 high).
USD/JPY: Bearish breakout at 102.36
• USD/JPY has broken the support at 102.36 (18/06/2014 high), suggesting further sideways move within the broad horizontal range between 100.76 and 103.02. An hourly support lies at 101.72 (see also the 61.8% retracement), whereas an hourly resistance can be found at 102.46 (05/08/2014 low).
• A long-term bullish bias is favoured as long as the key support 99.57 (19/11/2013 low) holds.
However, a break to the upside out of the current consolidation phase between 100.76 (04/02/2014 low) and 103.02 is needed to resume the underlying bullish trend. Another resistance can be found at 104.13 (04/04/2014 high), while a major resistance stands at 110.66 (15/08/2008 high).