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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)
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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 Four-hr chart (In search of one other entry after wedge-break)
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—Written by Paul Robinson, Market Analyst
You possibly can comply with Paul on Twitter at @PaulRobinsonFX