Hello. Crazy EURUSD chart today as it recovered from 1.3530 very fast, retesting 1.3700. Long tailed candle on the daily chart suggesting more upside action, so keep your eyes on 1.3750. Check my yesterday post for some observation on this level. As noticed nowadays -- the currency market is sensitive to the Libyan crisis and the EURUSD is no exception (see today’s sell-off). But ECB’s Yves Mersch came to the rescue, boosting the EUR with his hawkish comments. I think that the EURUSD remains slightly bullish for now, especially after today’s close if it will be within the 1.3640-1.37+ territory. A sustained break above 1.3750 is what really matters if we look for decent clues nowadays.
- EURUSD daily chart 2-22-2011
EURJPY
The 4-hrs chart is scary. There’s a 200 points drop in few hours followed by a 160 points recovery -- such moves are in many cases bad for both sellers and buyers.
- EURJPY 4hrs chart 2-22-2011
The daily charts look normal, though. Buying on break higher still looks like a good plan if we see the pair recovering to resistance zone.
- EURJPY daily chart 2-22-2011
USDCAD
It’s quite interesting how some parallel lines look like in the chart below. Coincidence? I don’t think so. The dollar seems ready to overcome this resistance level, now that it recovered after last sell-off. But it remains under pressure due to oil and metals prices.
- USDCAD 4hrs chart 2-22-2011
I just check NZDUSD but I don’t want to include the chart now. To all New Zealand readers: I hope you are ok.
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