Euro: Euro breached the 1.5500 for the first time in 3 weeks as it tested the bids of 1.5485 on the back of increasing unemployment and deteriorating Eurozone consumer confidence. However later regained its losses and closed at 1.5511, the daily and 4-hrly stochastic are in the oversold region showing some buying pressure but upmove will be well contained at 1.5626 (100 & 21 4-hrly EMA & 38.2 % retracement ).(Eur/Usd-1.5537).
Pound:Pound dipped down to a low of 1.9672 on the back of weak housing data but could not deteriorate further as it took the trendline support and later surged up to close stronger at 1.9755. The daily and 4-hrly stochastic are in the neutral region while the hourly is in the overbought region. Its currently facing stiff resistance at 21 4-hrly EMA a break of this level for indicate a further upmove upto 1.9825( 100 daily EMA) which has been holding for the past few trading session. (Gbp/Usd- 1.9784).
Yen: USD/JPY pair surged up by 127 pips to touch an intra day high of 105.87 and closed above the 105 mark at 105.57. A continued sustenance above the 105 (21 weekly EMA &100 daily EMA, trend line support, 50% retracement daily charts) would suggest a bullish bias for the pair and a further upmove upto 107.40 (61.8 % retracement daily charts) could be seen in next few sessions. (Usd/Jpy- 105.29).
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