EURUSD short and USDJPY long

The Yen has been going through a rough morning on market opening this morning, as the account balance disappointed investors heavily, and this was followed up by a shocking economic sentiment survey which showed a significant drop over the last month. Markets are now moving against the Yen and the dollar looks to be the best candidate.

EURUSD is holding below the 1.37730 support, now made to be resistance. It seems like it will bounce the Dynamic support within this week. Alternatively, if this Dynamic Bullish support is broken we will go short with all we’ve got.

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Currency Pair Overview – Thursday 8th May 2014

EURUSD

Once again the news out of the Euro region is dominated by the tensions in Ukraine. It appears the area is heading towards a serious conflict as Russia has vowed to defend its citizens and Ukraine re-imposes conscription and sends troops into the troubled eastern regions.

In terms of economic news, Spain reported a lift in their GDP to 0.4% from the previous quarter’s 0.2% and manufacturing PMI showing expansion at 52.7. For the Euro region as a whole, the money supply showed expansion of 1.1% from the previous year and unemployment was down slightly to 11.8% from 11.9%. Manufacturing PMI also gave the Euro a boost, showing expansion at 53.4.

Looking at technicals, we can see the bullish trend is still the dominating factor and the price touched this during the week and bounced off it. Price action seems to be consolidating, possibly looking for direction from the ECB before making any big moves.

eurusd 080514

Resistance can be found at 1.3888, 1.3905 and 1.3966, while support will be found at 1.3773 and 1.3671 with the bullish trend acting as dynamic support.

 

GBPUSD

Overall, the situation is looking very positive in the UK and the manufacturing PMI is a good example of this, beating market expectations to post a figure of 57.3, up from 55.3 a month earlier. The Construction PMI was down slightly from a month before but is still at a very robust level of 60.8, underlining the strength in the UK recovery.

Show me the Rest, Johnny.

Great results from the other day.

eurusd and other profits

As per my previous evaluation, that resistance level was penetrated. Please sign up to my news-letter (top right, blue box) to know the rest of my trades in advance.

Holidays over, can’t wait to Trade.

eurusd bullish 220414 1310

As a first trade, I believe that EURUSD will be bullish as we have seen the below dynamic support, with support levels being 1.38190, 1.37320 and 1.36670. Resistance levels are visible at 1.39000 and a strong resistance ahead at 1.39310. The most likely scenario, in my view will be that the 1.38190 support (no resistance) level will be penetrated and the price will look to reach 1.38500 and above.

Show me the rest, Johnny.