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Daily Technical Analysis Reports

EUR/USD Looking for Triangle and Momentum Breakout

FXTimes | Feb 22 12 18:23 GMT

After bouncing up from 1.32, instead of rallying to 1.33-1.3320 resistance area, the EUR/USD traded into a congestion triangle seen in the 1H chart. It should be noted that USD has been gaining across the board against the GBP, AUD, NZD, CAD, JPY, but not against the EUR, and CHF. EUR/USD’s momentum can be described as neutral at the moment, as the 1H RSI reading is stuck between 60 and 40, and is wavering around 50. From congestion comes breakout and that is the next stage the market will be monitoring for as the 2/22 US session continues.

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USD/JPY Climbs Above 80; Targets 80.50 then 81.50

FXTimes | Feb 22 12 13:24 GMT

There is a break above the 80 handle and the USD/JPY continues to rally sharply since bouncing off 76.00. The daily chart shows a very bullish market the RSI pushes above 70 and 80. Although there it suggests near-term overbought condition, it also suggests strength in the break from recent bottoming process, and is a sign of bullish momentum in the medium term.

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EUR/GBP Pushes Above Key Resistance of 0.84 and Opens 0.85

FXTimes | Feb 22 12 12:41 GMT

For the EUR/GBP, the 0.84 handle represents a key resistance for price action since mid Dec 2011. The 2/22 European market pushed the pair above this resistance, making new 2012 highs and breaking out of a consolidation pattern. The 4H chart shows the strength of the breakout candle and the momentum turning bullish in the short to medium term as the RSI pushes above 70, though in the near-term this might suggest overbought conditions.

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GBP/USD Falls Back to Consolidation and Tests 1.57, Projected to 1.5590

FXTimes | Feb 22 12 12:38 GMT

After a counter-trend breakout signaling possible bullish continuation, the GBP/USD failed to reach the Feb. high near 1.5925. Instead, it topped off at 1.5878, and slid sharply in the 2/22 European session start. In the 4H chart, you can see this slide breaking below 61.8% retracement and pivot of 1.5733. It is now testing 1.57 with heavy price action.

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FX Thoughts for the Day

Kshitij Consultancy Services | Feb 22 12 12:35 GMT

Cable has dropped sharply breaking below its Support at 1.5750 and is now trading just above 1.5700. Immediate Support is seen at 1.5691 (100-DMA) which if broken can take the pair further down towards 1.5650-30. Important to note is that 1.5640 is a signifincant Support level on the monthly chart which has held very well last week. We expect it to continue to hold and a bounce back to 1.5750-5800 once again is possible from this Support near 1.5640. Having said this, as per our weekly view, we will be looking to go long at 1.5650.

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