EURUSD
Downside is under pressure as the euro collapsed on Friday, as a result of the better than expected NFP data - -345k vs. -521k expected. The 330 points pullback has extended below the 1.4000 mark, bids into the 1.3950/60 region being tested at the time of this writing. Daily sentiment is slightly bearish due to the violent drop but it is too early to look for a trend reversal - the current move being corrective. Trend-line support is being formed around 1.3940 by a rising trend-line started at 1.2965 on April's 28th. Below 1.3940, next downside barriers which may limit an extended decline are emerging at 1.3880 - 50% retracement of the 1.3425-1.4340 and 1.3775 - 61.8% of the mentioned up leg. Intra-day studies are bearish. Current quote is 1.3954 @06:20 GMT
Support levels: 1.3940, 1.3880 and 1.3775
Resistance levels: 1.4000, 1.4050 and 1.4100
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish
AUDUSD
Support on the .7900 mark is intact but under pressure as the Aussie dollar trades around .7950 at the time of this writing. A potential breach below .7900 may open .7760 for a later test. Although the short-term momentum is losing strength, the current decline is most likely corrective - sharing the same view with EURUSD. Current quote is .7947 @06:20 GMT
Support levels: .7900, .7855 and .7750/60
Resistance levels: .8000, .8090/00, .8135/50 and .8260
Market sentiment: long-term : bearish, mid-term : bullish, short-term : bullish
EURCHF
The euro failed once again to breach above the 1.5225 resistance on Friday but currently holds steady around 1.5175, probably preparing yet another test on the mentioned upside barrier. A breach above 1.5225/30 is needed to confirm a resume of the uptrend and, hopefully, increase the average daily range which continues to be low - around 70 points / day. Support is seen at 1.5145/50 and 1.5100/10, lower. Current quote is 1.5175 @06:20 GMT
Support levels: 1.5145/50, 1.5100/10, 1.5050 and 1.5000/10
Resistance levels: 1.5225/30, 1.5300 and 1.5350
Market sentiment: long-term : bearish, mid-term : bearish, short-term : neutral
By E-Forex
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