Forex market Updates

Forex: EUR/USD finds resistance at 1.5050

FXstreet.com (Barcelona) – The Euro's recovery against the Dollar from MA55 hourly at 1.4990 has found resistance at 1.5050 in the European session with the pair sliding to trade close to 1.5030. Currently the pair is trading around 1.5025/35, at the same zone of opening price action.

Next resistance area, at the moment, lies at 1.5060 (session high), and above here, 1.5085 (Aug 11 08 high) and 1.5100. On the downside, support levels at 1.4990/00 (session low/ oct 20 high), and below here 1.4975 and 1.4940 (Oct 22low).

George Antonakos, analyst at FXGreece, comments: “Our lower targets were achieved during yesterday’s highs, but retracements remained weak, indicating that buyers still dominate. Important resistance emerges at 1,5100 area, which is the most possible target. As you can see in the daily chart two different channels are met at these levels and these levels should not be easily breached. Next targets are set at 1,5160-80, but if these levels are reached, a move to higher levels with next target at 1,5250-00 area. Important support emerges at 1,4965-80 area, followed by 1,4830-50 area.”



Forex: USD/JPY finds support at 91.50 and approaches to 92.00

FXstreet.com (Barcelona) – The Dollar has bounced at 91.50, coming from its 40 pips decline from 91.90, to rise above previous highs at 91.90 and tests 92.00 level. Currently the pair is trading around 91.85/95, 0.70% above today's opening price action at 91.30.

According to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, The Dollar could go through a corrective decline after topping at 91.90: "91.95 has so far provided decent supply to cap further rallies today. First resistance comes in at 91.10, we would look to buy around 90.20, with support below at 89.70."

George Clement, analyst at Swiss e trade, comments: “The Dollar continued its strength against the Yen in early European trading, right now at 91.55 after highs around 91.91. We see the upside potential rather limited for today's trading.”