Not Much Change as Majors Remain Calm With the US Markets Away
Not Much Change as Majors Remain Calm With the US Markets Away
Since the morning, trading has been of low volumes showing the sideways trend on all the charts for all the majors in the markets. And as we continue our day, the markets have not changed since the US markets are away for Veteran’s day holidays but will resume tomorrow.
Although the calendar today for the Euro Zone was filled with confidence data showing that it had slightly improved in November, the 15 nation currency didn’t react as it continued to prolong the neutral trend within the contracting triangle yet as we see, it is currently retesting the key support for the triangle at 1.2730s on the four hour charts. Breaching this support will take the pair first to 1.2670s and then 1.2580 respectively in quite a vigorous fall. However, momentum and direction indicators still show no divergence towards any specific direction.
Concerning the Royal currency, the British pound is still consolidating within the support level at 1.5570 and the resistance level at 1.5690 failing to gather enough momentum to set a specific trend for the pair. Yet breaking the resistance level at 1.5690 which is also the 20 day MA on the four hour charts could perhaps open the way for the pair to rally to 1.5770. On the other hand, a downside breach to the support level will take the pair as far as 1.5460.
The USD/JPY pair is trying to breach the 97.80-97.90 support level but is finding difficulty to as it waits to acquire enough bearish momentum that will take it down to 97.20 if seen. The 20 and 100 day MA on the four hour charts at 98.10 and 98.00 respectively are still limiting the pair from extending its gains.
Crown Forex
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