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Hi everybody! We started our late session today with a look at USDJPY, which seems for the moment trapped in a 4h triangle threatening to break anytime now – bias remains to the upside as a larger retracement wave up in this pair seems possible on the daily charts.

On EURUSD and GBPUSD we were looking for possible breakout points both ways just before the NY open, with EURUSD confirming breakout above 1.4555 or below 1.4490 (at the time of this writing EUR has already broken the upper trendline and is now facing resistance at 1.4620 with further room to go up) and GBPUSD breaking a nice upward channel on 1h just above 1.9560 (later found resistance at the 1h 200MA at 1.9625.

USDCAD was displaying a bearish setup just below 0.9950 that finally failed, EURCHF looked bullish at the time while EURJPY and GBPJPY seemed to continue the upward large retracement targeting 157.16 and 210.20 respectively (both targets almost met at this time).

Looking forward to meet you all tomorrow in the LTR for more setups, trades and market action.

EUR/USD Technical View

Euro formed a big red candle on the weekly charts, as seen below, but the most part of the move was made on Thursday and Friday when the pair dropped almost 300 points, we witnessed a small consolidation period for the first 3 days of the week around the 1.4700 area. On Friday EurUsd broke through the closest support levels and pushed lower towards the 1.4400 area getting close to the 38.02 Fibonacci retracement line of the October-November move north that established the current YTD high at 1.4967. Breaking below the trendline connecting the October lows was a a clear bearish signal although a retest of the 1.4500 area is not out of the question in the next couple of days as this particular area has proved to be strong support turned now into resistance. Looking at the big picture we can see the 1.4300 area as the main bearish target and a place where the pair could find significant support as the bullish traders will try to establish a new base there.
Resistance Levels

• 1.5000– round number
• 1.4966- Nov 23rd high
• 1.4735 –Nov 9th High

Support Levels

• 1.4500- round number
• 1.4300 – Sept 30th High
• 1.4000 – Round number
• 1.3850 – July 24th High

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