Technical analysis on EUR/USD,GBP/USD,USD/JPY,Jan 19th, 2016

Discussion in 'Technical Analysis' started by Jammylee, Jan 19, 2016.

  1. Jammylee

    Jammylee New Member Trader

    Jan 19, 2016
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    Data released by Eurostat shows that EU industrial production is down by 0.7% in Dec 2015, hitting the one-year-low. Meanwhile, the consumption is not optimistic,either. Retail sales(MoM) dropped by 0.3%, following a two-month decline. With that being the case, Eurozone is under great pressure to extend quantity easing policy. We expect a bearish EUR in the forex market.

    The MACD of EUR/USD is running below the 0 axis as it shows in the 1-hour chart,meanwhile the price is approaching the uptrend line in the vicinity of 1.0868. Technically speaking, call options can be purchased at this entry. But we need to notice that the weakening MACD may not offer sufficient support at this position. Therefore, call options can be purchased at break of 1.0902, while put options can be purchased when it dips below 1.0865.

    The GBP/USD pair did not show any pullback even it continues to drop down. Therefore, we are mainly buyers of put options until bullish signals occurs.
    Support:1.4000、1.3504, Resistance:1.4302、1.4400

    Seen from the 1-hour chart, the MACD of USD/JPY is piecing 0 axis as well as the average line. With a bullish average line, we favor of buying call options during the daytime session.

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    Last edited by a moderator: Jan 20, 2016

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