The remarkable events of this week fall on Thursday’s FOMC Meeting and Non-Farm data on Friday. The EUR is under strong bearish sentiment with the influence of QE policy in Eurozone as well as the coming Fed interest rate hike. We believe the EUR/USD will trade at breakeven if nothing unexpected happens.
EUR/USD
The EUR/USD hit the lowest point at 1.0557 yesterday, approximately near the previous low area between 1.0460 and 1.0530. This area continues to offer support unless major negative news comes out. We prefer buying call options during the daytime session.
Support:1.0530/1.0460
Resistance:1.0594/1.0613
GBP/USD
Seen from the 1-hour chart, a bottom deviation pattern has been formed adding more bullish momentum to the GBP/USD. We are mainly buyers of call options during the daytime session.
Support:1.5040/1.4900
Resistance:1.5089/1.5107
USD/JPY
A head and shoulder pattern appears to be formed in the 4-hour chart of USD/JPY, providing buying opportunity of put options for radical traders. However, we can wait and see or buy put options with caution since as it continues to rebound.
Support:123.00/122.80
Resistance:123.40/123.60
[Tips]
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