Fundamental Analysis

EUR/USD Appears to be like Good Lengthy on Dip, USD/JPY Brief on Smallish Rip

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EUR/USD pop off long-term stage has extra short-term upside in sight

The drive off the one-year underside trend-line has been surprisingly sturdy, and with it momentum appears set to take EUR/USD additional into resistance over the 11500-mark. From a danger/reward perspective a pullback earlier than entry appears like a prudent play. No pullback, no commerce, from the place I sit.

A smallish decline although may supply dip-trippers a possibility to tackle a commerce of 150 pips or so. The precise timing in the mean time continues to be up within the air with weak spot wanted first, however the Euro at the very least appears primed to make good on final week’s surge.

In search of power to hold increased into the low-11500s earlier than arriving at an enormous take a look at. A decline beneath 11300 could be regarding for longs and put the Euro again susceptible to declining additional, probably beneath final’s low and the underside trend-line from final November.

EUR/USD Day by day Chart (Extra momentum into resistance)

EUR/USD daily chart, more momentum into resistance

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USD/JPY out of wedge, bounce might supply entries for one more leg decrease

USD/JPY fell out of a wedge final week after coming very close to a powerful space of resistance working over from Might of final yr. Ideally, the preliminary entry was on the wedge break, nevertheless; a small bounce from right here may nonetheless supply merchants an opportunity to catch extra weak spot right down to round 11200 or worse if pattern help doesn’t maintain. It’s not a fantastic set-up at this juncture for the swing dealer, simply as is the case with EUR/USD, however the path of least resistance for short-term merchants appears pretty clear in the mean time.

USD/JPY Day by day Chart (flip from close to large resistance)

usd/jpy daily chart, turn from near big resistance

USD/JPY Four-hr chart (In search of one other entry after wedge-break)

USD/JPY 4-hr chart, looking for another entry after wedge-break

***Updates will probably be supplied on these concepts and others within the buying and selling/technical outlook webinars held on Tuesday and Friday. If you’re in search of concepts and suggestions on the way to enhance your general method to buying and selling, be a part of me on Thursday’s for the Changing into a Higher Dealer webinar collection.

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—Written by Paul Robinson, Market Analyst

You possibly can comply with Paul on Twitter at @PaulRobinsonFX

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