Wrapup of Daily movements of Pairs

A good ranging day for all the currencies and the only breakout that we saw today was on GBPUSD. Now lets start with EURUSD. As pointed out in the morning, we had a ranging day today with 1.3428 proving to be a tough resistance to break and 1.3330 proving to be a tough support to break so far. Those who had the guts to pull the trigger on either side would have made good pips today.

I believe we might have a small breakout on the EU sometime tomorrow and the major day would of course be Thursday when the rates and statement would be released. The latest fall of EU to its lows at 1.3330 seems to be on low volume which suggests that it might move up again...

Moving on to GBPUSD, there was a small breakout which was capped by tough resistance at 1.5150 and today this pair ranged between 1.5015 and 1.5150. With a lot of news being released this week, we should see a break of this range soon and am in favor of longs though i could be wrong.

Now , moving on to the JPY crosses, these pairs also ranged for most of the day. GJ was caught in the range between 148.4 and 150 and it would indeed take a lot of effort to break the top at 150 which has proved to be a tough resistance for such a long time and it is also a huge psychological resistance. The fact is that the support at 147.5 has also not been broken which would make me favor longs on every dip for now.

As for EJ, the weakness on EU seems to be affecting this pair a great deal and we can see that it is struggling to overcome the resistance at 132.8. But this pair has strong support at 13.25 but amongst the JPY crosses, this pair looks the weakest which makes me favor shorts on every approach of 132.5.

Thats all for now...