Friday, 8 April 2011

Forex: EUR/USD rallies to 1.4350; EUR/JPY up at 122.30 (Barcelona) - The European shared currency is flying higher in recent trade, testing key levels against its most direct competitors. It had been a quiet session so far, yet post fixing spikes have fortunately animated the velocity of printing.

EUR/USD has been able to kiss 1.4350 after surpassing marginally its former 20111 high at 1.4347. Selling orders were seen at the peak, forcing a quick retreat towards 1.4335/40.

EUR/JPY is another pairing reacting ferociously to the upside, moving from a low at 121.30 to make fresh session highs at 122.30. “Technical resistance at yesterday’s 122.55 high and stops are reported above 122.70" said Sean Lee at Forexlive.

USD/JPY has also been sent to higher ground, stalling at 85.30. GBP/USD trades near 1.6340.

Forex: USD/JPY on limited corrective movements (Barcelona) - Slightly lower, bearish corrective movements in the cross are still seen limited, after the pair fell to 84.50 strong static support zone yet managed to rebound towards 85.00 handle before the NY close. Presently price is unchanged in a slow Friday.

"Hourly chart shows price below 20 SMA that’s gaining bearish slope, while indicators are flat yet also below their midlines. 4 hours chart shows price testing 20 SMA just around current levels, with indicators heading also slightly lower. Risk to the downside after the latest earthquake, will depend on Nikkei movements" said Valeria Bednarik, Chief Analyst at

Support levels: 84.85 84.50 84.10, Resistance levels: 85.05 85.30 85.60 

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