IKOFX Daily Market Analysis

[team.ikofx]

GBPUSD Looks Set For More Downsides

The British pound followed the Euro to some extent and traded lower against the US dollar. The most important point is that the GBPUSD pair even breached the 1.50 level to trade close to the 1.4950 level. Currently, it is back above the 1.50 level, but remains at risk of more downsides in the near term. The UK BBA Mortgage approvals data will be published today. The chances of a major movement is very less, but it would be interesting to see how long the pair can stay above the 1.50 level. There are several resistances on the way up which might protect upside moving ahead.

There was a critical bullish trend line formed on the 4 hour chart of the GBPUSD pair, which the British pound sellers managed to clear recently. This particular break ignited sharp downside, which took the pair below the 1.50 level. Currently, the pair is correcting higher and trading around the 23.6% fib retracement level of the last drop from the 1.5211 high to 1.4950 low, which is acting as a resistance for the pair. If the pair manages to climb a bit higher, then the most important barrier is around the broken trend line where the 100 hour moving average is also coinciding. Moreover, the 50% fib retracement level is also just below the mentioned resistance area.

On the downside, the recent low of 1.4950 can be seen as a support. A break below the mentioned level can be considered as a bearish sign in the short term.

Overall, one might consider selling rallies in the GBPUSD pair as long as it is trading below the 100 MA.

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[team.ikofx]

AUDUSD Eying A Major Break

The Aussie dollar recently struggled a lot against the US dollar, as the AUDUSD pair traded towards the 0.7858 level. Now the pair is seen correcting higher and forming a major breakout pattern, which might act as a catalyst in the near term. The Australian National Australia Bank Business Confidence was released during the Asian session. The outcome was a touch positive as the confidence rose from the previous reading of 1 to 2. This is not a major reason for the Aussie dollar, but the oversold conditions might take it higher in the near term. We need to see how the pair reacts around the 0.7940 resistance area.

There is a crucial triangle forming on the hourly chart of the AUDUSD pair, which is contracting and about to break as can be seen from the chart. The chance of a break higher is more compared to a move lower, as the hourly indicators suggesting a push towards the 100 hour moving average. Currently, the pair is struggling to clear the triangle resistance area, which is also coinciding with the 23.6% fib retracement level of the last drop from the 0.8136 high to 0.7858 low. So, if the pair manages to clear it, then the chances of a move towards the 50% fib retracement level is possible in the short term. The most important resistance is around the 100 hour MA.

On the downside, the triangle support area might act as a support. A break below the same might call for more losses may be back towards the last low.

Overall, one might consider buying with a break above the triangle resistance in the AUDUSD pair as long as it is trading inside it.

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[team.ikofx]

Euro Might Trade Above 0.7500 Moving Ahead

The Euro somehow managed to gain bids around the 0.7400-20 level recently against the British pound and corrected back higher. However, it is facing an important resistance area on the upside, which is protecting gains in the EURGBP pair. The British pound performed well recently, and it moistly depends on how it perform moving ahead for break in the EURGBP pair. The German GFK consumer confidence will be released today, which might cause some swing moves in the EURGBP pair. The market is expecting a minor rise this time from 9 to 9.1. If it exceeds the forecast, then gains are possible in the shared currency.

There is a monster bearish trend line formed on the hourly chart of the EURGBP pair, which recently acted as a resistance for the pair. The pair is now moving towards the 38.2% fib retracement level of the last leg from the 0.7403 low to 0.7510 high where it might find support in the short term. The most important support is seen around the 50% fib level. If the pair moves higher and breaks the highlighted trend line, then it might be considered as a bullish call, which could push the pair towards the 100 hour MA. The 100 hour MA is the next major barrier for the upside in EURGBP, which needs to be breached if the pair has to continue trading higher.

The downside might be limited in the EURGBP pair considering the fact that the market sentiment is not favouring sellers much in the near term.

Overall, one might consider buying with a break above the trend line in the EURGBP pair as long as it is trading above the 0.7450 level.

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[team.ikofx]

USDCHF At Risk Of A Major Break

The US dollar was seen trading lower against the Japanese yen, as the latter one managed to get bids during the past couple of sessions. However, the USDJPY pair is testing an important support area, which might act as a catalyst for the pair in the near term. The fed interest rate decision failed to cause much of action in the Forex market. The US dollar traded a bit higher against the Euro and the British pound. However, at the same time struggled against the Japanese yen. Let us see whether the pair can hold the 177.20-30 support area or not in the near term.

There is a monster bullish trend line formed on the hourly chart of the USDJPY pair, which acted as a support for many times. The pair recently bounced from the highlighted trend line and currently heading back towards the 200 hour moving average. The mentioned MA might act as a resistance for the pair, as it is sitting around the 61.8% fib retracement level of the last drop from the 118.25 high to 117.24 low. Moreover, the 100 hour MA is also just above the 200 hour MA. So, in short there is a major resistance formed around the 118.00 area. If the US dollar buyers fail to break the same, then more losses are likely in the near term.

On the downside, a break below the highlighted trend line might be a bearish call for the USDJPY pair. In that situation, the pair might head towards the 116.50 support area.

Overall, one might consider buying dips in the USDJPY pair as long as it is trading above the stated trend line.

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[team.ikofx]

EURUSD Might Present A Buying Opportunity

There Euro somehow managed to gain some ground against the US dollar, and broke an important resistance area. The economic releases in the Euro area were not on the positive side recently, but still the pair managed to gain bids and contain the downside may be due to the oversold readings. Today is an important day as a critical release is lined up during the London session, as the Euro area consumer price index will be released. The market is expecting it to decline by 0.5% in January, which if stays in line or beats the forecast, then the Euro might gain traction moving ahead.

There was a critical bearish trend line formed on the hourly chart of the EURUSD pair, which was recently cleared by the Euro buyers. This particular break has opened to the doors more gains in the near term. The most important point here is the fact that the pair has closed above the 100 hour moving average, which is also a bullish sign. If the pair moves lower from the current levels, then it might find support around the same broken trend line. The 38.2% fib retracement level of the last leg from the 1.0976 low to 1.14221 high is also around the same area. So, there are a lot of reasons for the Euro buyers to take control if the EURUSD pair moves lower from here.

On the upside, the most crucial resistance is around the 200 hour moving average where sellers might put up a fight in the near term.

Overall, one might consider buying dips in the EURUSD pair as long as it is trading above the 100 MA.

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[team.ikofx]

GBPUSD Eyes More Upsides Moving Ahead

There British pound was seen trading in a positive territory in the short term, as it moved higher against the US dollar. The GBPUSD pair cleared an important resistance area, which opened the doors for more upsides in the short term. However, we need to see how the British buyers react in the near term, and whether they can manage to take the GBPUSD higher or not. If they fail to do so, then there is a possibility of a move back lower moving ahead. There is an important economic release lined up today during the London session, as the UK manufacturing PMI will be released. The forecast is of a minor rise this time, which if turns out true might help the GBPUSD pair.

There was a critical bearish trend line formed on the hourly chart of the GBPUSD pair, which was cleared recently to encourage the British pound buyers. However, it looks like the pair is struggling to clear the 200 hour moving average, which is acting as a hurdle for the pair. Moreover, the 100 hour MA is also sitting just above the 200 MA. So, there is a lot of resistance around the 1.5100 area. There is a chance that the pair might correct lower from the current levels towards the broken trend line, which might act as a support in the short term.

A break and settle above the 100 hour MA might call for more gains in the GBPUSD pair, which might take it towards the 1.5180 level.

Overall, one might consider buying dips in the GBPUSD pair as long as it is trading above the broken trend line.

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[team.ikofx]

AUDUSD Facing A Stiff Resistance Ahead Of RBA

The Aussie dollar struggle continued recently against the US dollar, as the latter one found buyers. The AUDUSD pair managed to gain a few bids and currently moving higher. However, it is facing a monster resistance around the 0.7840 level, which might protect the upside in the pair. There were a few releases lined up in Australia including the trade balance report released by the Australian Bureau of Statistics. The forecast was trade deficit of -775M, but the outcome was a touch better with a reading of -436M. However, the market is waiting for an important event which is lined up in a few hours. The RBA will be announcing interest rates, which might trigger some moves in AUDUSD.

There is a monster bearish trend line formed on the hourly chart of the AUDUSD pair, which might act as a resistance for the pair in the short term. The most important point is that the highlighted trend line is coinciding with the 100 hour moving average. So, there is a major resistance forming around the 0.7840 level. Moreover, the 50% fib retracement level of the last leg from the 0.7995 high to 0.7718 low is also sitting around the same area. So, let us see how the Aussie dollar sellers react if the pair reaches there in the short term.

A break above the highlighted trend line might call for a move towards the 200 hour MA, which is the next barrier in AUDUSD.

Overall, one might consider selling rallies dips in the AUDUSD pair as long as it is trading below the highlighted trend line.

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[team.ikofx]

EURGBP Looks Set To Break Higher

The Euro performed very well against the US dollar, and it looks like it might head higher against the British pound as well in the near term. There are several support levels for the EURGBP pair if the pair moves lower from the current levels. Today, the Euro zone and German services PMI’s will be released, which are likely to cause moves in the Euro pairs. If the outcome stays in line with the forecast or exceeds it, then the Euro might gain a few bids in the short term. Moreover, the UK services PMI will also be released, which could also ignite swing moves in the EURGBP pair moving ahead.

There is a monster bullish trend line formed on the hourly chart of the EURGBP pair, which is likely to act as a catalyst if the pair moves lower from the current levels. Recently, the pair failed to break above the 0.7590 level, which acted as a barrier for the pair. Currently, the pair is approaching the 23.6% fib retracement level of the last leg from the 0.7442 low to 0.7590 high. However, there is a chance of a spike towards the highlighted trend line where the Euro buyers might take a stand. A break below the same might negate the bullish view for now and could take the pair towards the 100 hour moving average.

On the upside, a break above the last high of 0.7590 might set the pair for a run towards the 0.7650 resistance area.

Overall, one might consider buying dips in the EURGBP pair as long as it is trading above the highlighted trend line.

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[team.ikofx]

NZDUSD Might Have More Upsides Left

The New Zealand dollar traded higher recently against the US dollar, and one of the main reasons for the same was the fact that the recent releases in the New Zealand especially employment report was on the positive side. The pair broke an important resistance area and now the same area might act as a support for the pair in the near term. Let us see whether the momentum favour buyers or not moving ahead, as the market sentiment is shaping up nicely in the near term. The US initial jobless claims is an important release lined up today during the NY session, which might cause swing moves in the US dollar.

There was a major bearish trend line formed on the hourly chart of the NZDUSD pair, which the New Zealand dollar buyers managed to clear. The same trend line now acting as a support for the pair. A key thing to note is that the 200 hour moving average is also sitting around the broken trend line and adding value to the mentioned support area around 0.7345. The 38.2% fib retracement level of the last leg from the 0.7175 low to 0.74408 high is also positioned around the same area. So, one might say that the New Zealand dollar sellers might struggle to break the 200 hour MA, which could cause an upside reaction in the near term.

On the upside, initial resistance is around the 0.7380, followed by the recent high of 0.7448 where buyers might struggle moving ahead.

Overall, one might consider buying dips in the NZDUSD pair as long as it is trading above the 200 hour MA.

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[team.ikofx]

Euro Signalling More Gains Ahead

The Euro was seen trading higher against the US dollar recently as sellers were exhausted and stepped aside. The EURUSD pair also managed to clear an important resistance area which might now act as a support for the pair in the near term. There are a couple of important releases lined up not only during the London session, but also during the NY session. During the London session, the German industrial production data will be published, which is expected to register a gain of 0.4%. Let us see how the Euro pairs react after the release and whether it can post an in line outcome. Any disappointment might put a lot of pressure on the EURUSD moving ahead.

There was an important bullish trend line formed on the hourly chart of the EURUSD pair, which was breached recently and paved the way for more upsides. After the break, the pair traded as high as 1.1497 where the Euro sellers defended the upside. The pair is currently correcting lower and might head towards the broken trend line. One key thing to note is the fact that the same trend line is now coinciding with the 38.2% fib retracement level of the last leg from the 1.13028 low to 1.1497 high. So, there is a major support around the 1.1420-10 area where the Euro buyers are likely to appear if the pair moves lower from the current levels.

On the upside, initial resistance is around the last high of 1.1497. A break above the same might take the pair towards the 1.1550 level.

Overall, one might consider buying dips in the EURUSD pair as long as it is trading above the highlighted trend line.

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[team.ikofx]

GBPUSD Testing An Important Support Area

The British pound traded lower against the US dollar after failing to settle above the 1.5300 resistance area. Good economic releases in the US acted as a catalyst in the near term, which pushed the US dollar higher. The GBPUSD came under pressure and traded lower. However, there are several important support levels on the way down for the pair which is acting as a hurdle for the pair. If the pair manages to hold the 1.5200 support area, then there is a possibility that the pair might trade back higher in the short term. We need to see how buyers and sellers react in the coming sessions.

There is a critical bullish trend line formed on the hourly chart of the GBPUSD pair, which is currently acting as a support for the pair. The most important point is that the pair recently found support around the 38.2% fib retracement level of the last leg from the 1.4987 low to 1.5350 high. So, there is an important support area formed around the 1.5200-10 area where the British pound buyers might take a stand. Moreover, the pair is trading well above the 100 and 200 hourly moving averages, which is a positive sign in the near term. However, one worrying sign is the fact that the hourly RSI is below the 50 might, which might give a reason to sellers to take the pair lower.

A break below the highlighted trend line might ignite downside pressure in the GBPUSD pair, which could take it towards the 200 hour MA.

Overall, one might consider buying dips in the GBPUSD pair as long as it is trading above the highlighted trend line.

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Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

AUDUSD Stays Above Important Support, More Gains Likely

The Aussie dollar finally managed to gain some bids against the US dollar and climbed above the 0.7780-60 resistance area. The AUDUSD pair has settled above the same and looks like preparing for the next leg in the near term. There are several support areas on the way down for the pair, which might help the pair moving ahead. The Australian House Price Index was released by the Australian Bureau of Statistics earlier during the Asian session. The outcome was on the positive side, as the house price index registered a reading of 1.9% in the fourth quarter of 2014 whereas the market was expecting 1.8%. This might help the Aussie dollar in the short term.

There is a critical bullish trend line formed on the hourly chart of the AUDUSD pair, which might provide support to the pair if it moves lower from the current levels. The most important point is that the pair is currently trading around the 100 and 200 hourly moving averages, which is acting as a barrier for the pair. If the Aussie dollar sellers manage to clear it, then the next support is around the highlighted bullish trend line. The stated trend line is sitting just above the 50% fib retracement level of the last leg from the 0.7625 low to 0.7875 high.

On the upside, an immediate resistance can be seen around the 0.7820 level. A break above the same might call for more gains towards the 0.7850 level.

Overall, one might consider buying dips in the AUDUSD pair as long as it is trading above the highlighted trend line.

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Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

Euro Struggling To Hold Ground Against British Pound

The British pound performed relatively well recently, especially against the Euro. The EURGBP pair was seen trading lower in the short term, as there is a major resistance on the way up which protected the upside in the pair. Currently, there is a lot of bearish pressure on the Euro not only against the British pound, but also against the US dollar. So, we need to see how it performs in the near term and whether it can break lower or higher. There is no major release lined up in the Euro area and the UK, so the market sentiment might be the driver for the EURGBP pair.

There is a crucial bearish trend line formed on the hourly chart of the EURGBP pair, which prevented upside many times. The pair recently failed around the highlighted trend line and currently moving lower. Presently, the pair is testing the last low of 0.7400-10 area where the Euro buyers are fighting hard to protect downside in the near term. If the pair moves higher from the here, then the same trend line might come into play. A break above the same might take the pair towards the 23.6% fib retracement level of the last leg from the 0.7591 high to 0.7407 low. Moreover, the 100 hour simple moving average is also sitting just above the mentioned fib level.

If the Euro sellers manage to break it, then there is a chance of more downside towards the 0.7360 level where buyers might appear again.

Overall, one might consider selling rallies in the EURGBP pair as long as it is trading below the highlighted trend line.

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[team.ikofx]

NZDUSD Might Trade Lower Moving Ahead

The New Zealand dollar traded lower against the US dollar and even breached an important support area in the near term. There is a lot of bearish pressure emerging in the NZDUSD pair, which might take it lower moving ahead. Recent price action in NZDUSD suggests that sellers are here to stay and it might be very difficult for the pair to move higher. There was an important release lined up during the Asian session as the Business NZ PMI was released by the Business NZ. The outcome was not in line with the expectation, as it fell from the last reading of 57.1 to 50.9. There was more than 6 point decline, which did not go down well with the New Zealand dollar buyers.

There was a major bullish trend line formed on the hourly chart of the NZDUSD pair, which was broken recently. The most important point was the fact that the 100 and 200 hourly moving averages were also broken during the downside moves. This particular break might be a bearish call for the pair and might ignite heavy downside in the near term. Currently, the pair is trading around the 38.2% fib retracement level of the last leg from the 0.7152 low to 0.7448 high. So, there is a chance of a minor correction. However, in that situation the pair might resistance around the broken trend line and 100 hour moving average.

On the downside, initial support is around 50% fib level, and a break below the same might call for a test of the 61.8% fib level.

Overall, one might consider selling rallies in the NZDUSD pair as long as it is trading below the 100 hour MA and broken trend line.

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Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

Euro Likely To Remain Bid Against US Dollar

The Euro managed to gain a few bids recently against the US dollar as it traded higher in the near term. One of the reasons was the poor economic releases in the US yesterday, which gave a reason to the Euro buyers to take it higher. The EURUSD pair broke an important resistance area to trade higher. It traded towards the 1.1420 where it found some sellers. There are a couple of economic releases lined up today during the London session, including the German Gross Domestic Product released by the Statistisches Bundesamt Deutschland. The market is expecting a good gain this time, which if turns out true might help the EURUSD pair in the near term.

There was a major bearish trend line formed on the hourly chart of the EURUSD pair, which was cleared by the Euro buyers recently. This gave hope to them to take the pair higher in the short term. One key thing to note is that the pair also cleared the 200 hour moving average and managed to settle above it. It stalled around the 1.1420 level and looks like it might correct lower moving ahead. The 200 hour MA is the immediate support, followed by the broken trend line, which is also coinciding with the 50% fib retracement level of the last leg from the 1.1269 low to 1.1420 high.

On the upside, initial resistance is around the last high of 1.1420. A break above the same might call for more upside in the near term.

Overall, one might consider buying dips in the EURUSD pair as long as it is trading above the broken trend line.

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Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

GBPUSD Looks Set For A Push Higher

The British pound performed well during this past week against the US dollar, as it traded towards the 1.5400 level. The GBPUSD pair is currently consolidating in a small range and looks like setting up for a move higher. There is a chance of a minor correction as well in the near term. There is no major risk event lined up in the UK today, which means the pair might trade according to the Forex market sentiment moving ahead. The Rightmove House Price Index was released earlier today, which was in line with the expectation with a gain of 2.1% in February 2015, compared to the preceding month.

There was a critical bearish trend line formed on the hourly chart of the GBPUSD pair, which was broken by the British pound buyers recently. This particular break has given a hope to the GBPUSD pair for a move higher in the near term. The GBPUSD pair is currently struggling to clear an important resistance around the 1.5400-20 area, which is acting as a hurdle for the pair. There is a possibility that the pair might correct lower in the near term towards the broken trend line where buyers might appear again. The 38.2% fib retracement level of the last leg from the 1.5200 low to 1.5422 high is also sitting around the same area.

On the upside, a break of the 1.5420 level is needed for a push higher in the near term. We need to see how the pair reacts moving ahead.

Overall, one might consider buying dips in the GBPUSD pair as long as it is trading above the broken trend line.

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Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

AUDUSD Surges Higher Post RBA Meeting Minutes

The Aussie dollar was one of the best performers recently, as it was seen trading higher against the US dollar. The Reserve bank of Australia meeting minutes was one of the main catalysts for the pair. The meeting minutes helped the AUDUSD pair to gain traction after the Forex traders saw that as an opportunity to take it higher in the near term. There was a critical resistance around the 0.7750 level, which was cleared as well. The mentioned level might now act as a support for the pair if it moves lower from the current levels.

There is a crucial bullish trend line formed on the hourly chart of the AUDUSD pair, which managed to hold the downside in the near term. The pair blasted higher after the meeting minutes and also cleared the 200 hour simple moving average. There is a nice bullish candle forming as well on the hourly chart, which is signalling strength in the AUDUSD pair. If the pair moves lower from here, then initial support is around the 200 hour MA. However, the most important one can be seen around the 38.2% fib retracement level of the last leg from the 0.7643 low to 0.7793 high, which is sitting around the highlighted trend line. Moreover, the 100 hour MA is also aligned around the same area.

On the upside, initial resistance is around the last high of 0.7793. A break above the same might take it towards the 0.7820 level.

Overall, one might consider buying dips in the AUDUSD pair as long as it is trading above the 100 hour MA.

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Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

Can This Be A Break In EURGBP?

The Euro traded higher against the British pound and also managed to clear an important resistance area in the short term. However, the upside reaction after the break was not convincing enough. Both the Euro and the British pound is trading in a strange fashion against the US dollar, so it is getting really hard to understand price action in the EURGBP pair. There is an important release lined up in the UK, as the unemployment data will be published. Moreover, the BOE meeting minutes will also be released. So, there can be a lot of action in the British pound later during the London session.

There was a major bearish trend line formed on the hourly chart of the EURGBP pair, which was recently breached by the pair. There were two more things to note, as the pair managed to clear the 200 and 100 hour moving averages. This is suggesting that the recent break could be a real one. However, there is a resistance around the 0.7440 level, which might cause a minor correction in the short term. However, it could find support around the broken trend line, which is now coinciding with the 38.2% fib retracement level of the last leg from the 0.7373 low to 0.7442 high. So, let’s see how it reacts around the 0.7410 support area if it reaches there.

On the upside, initial resistance is around the last high of 0.7442. A break above the same might set the pair for a test of the 0.7480 level.

Overall, one might consider buying dips in the EURGBP pair as long as it is trading above the 100 hour MA.

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Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

NZDUSD Remains A Good Bet Moving Ahead

The New Zealand dollar was seen trading higher against the US dollar after the FOMC meeting minutes, which somehow weakened the US dollar. The NZDUSD pair traded towards the 0.7570 resistance area where it found sellers. The pair is currently correcting lower and might head towards the 0.7520 support area. In the New Zealand, the Producer Price Index Input was released by the Statistics New Zealand. The outcome was a touch disappointing, as the New Zealand PPI declined by 0.4% in the fourth quarter of 2014, whereas the market was expecting only -0.2%. This report also weighed to some extent on the NZDUSD pair. However, there are many supports on the way down for the pair.

There is a critical bullish trend line formed on the hourly chart of the NZDUSD pair, which is likely to act as a pivot area for the pair. The pair has an immediate support around the 38.2% fib retracement level of the last leg from the 0.7440 low to 0.7572 high where buyers might appear. The most important support is around the highlighted trend line where the 50% fib level is also coinciding. The 100 hour MA is also sitting just below the stated trend line. So, there is a major support forming around the 0.7520-10 area where sellers might struggle in the near term.

On the upside, initial resistance is around the last swing high of 0.7572, which if breached might open the doors for a move towards 0.7600.

Overall, one might consider buying dips in the NZDUSD pair as long as it is trading above the highlighted trend line.

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Posted By IKOFX Technical Team: Online Forex Broker

 

[team.ikofx]

EURUSD At Risk Of A Break Lower

The Euro moved lower against the US dollar and cleared several important support levels including the 1.1380 level. However, the EURUSD pair is again heading towards a critical support area where there is a chance of buyers appearing in the short term. However, if they fail to defend the downside moving ahead, then the pair might dive sharply. There are several important releases lined up during the London session today, which are likely to act as a catalyst for the Euro in the near term. The most important one is the Euro area manufacturing and services PMI. Let us see how the outcome shapes up and affects the Euro moving ahead.

There is a critical bullish trend line formed on the hourly chart of the EURUSD pair, which is likely to provide support to the pair moving ahead. However, there are several bearish signs to note from the chart, as the pair is now trading below the 100 and 200 hour moving averages, which is a strong bearish sign in the near term. Moreover, the pair has cleared the 61.8% fib retracement level of the last leg from the 1.1318 low to 1.1447 high. So, there is a chance that the pair might test the highlighted trend line in the near term where it would be interesting see how the Euro buyers react.

If the EURUSD breaks the stated trend line, then it might head towards the 1.236 extension of the last leg around the 1.1287 level.

Overall, one might consider selling with a break in the EURUSD pair as long as it is trading below the 200 hour MA.

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Posted By IKOFX Technical Team: Online Forex Broker