EURUSD moves above the 38.2% of the move down from October
The 38.2% of the move down from the October high to the low in January comes in at the 1.32429 level. Thehigh at the end of January stalled at 1.3226. Today, the level was breached and the price has since moved above the 38.2% retracement at the 1.32429 level. A close above this level will be eyed. If it can close above, traders will be looking toward the 100 day MA at the 1.3336 level (currently).
GBPUSD breaks above the February high and triggers stops
The GBPUSD has broken to new highs for February and looks toward key resistance at the 50% Fibonacci Retracement of the move down from the August 2011 high. That level comes in at the 1.5924 level. This is the next target for the pair. Not far above that level is the key 200 day MA at the 1.5937 level. I would expect that the market finds willing profit taking sellers against these levels.
USDJPY tests topside trendline target
EURUSD moves above 1.3026 high.
Looking for momentum to keep the bulls in charge. The 1.32235 is the next hurdle followed by 1.3260. The 1.3206 and 1.3200 are support levels off trend lines in the chart above.
EURUSD looks to test the 9 day high
The EURUSD is moving closer and closer to the 9 day high at the 1.3226 level. Traders who are long will likely sell against the level but a move above should not be faded. The price has been in a 201 pip trading range for the last 9 days of trading.
The price has been buoyed by the apparent agreement within the Greek coalition. This will free up 130 billion tranche from the EU/IMF which will allow for the interest payment due in March. Support at eh 1.3176-84 level now.
Bernanke Comments to Senate Committee similar to Last Week’s House Panel
Says:
- Labor market has ‘improved modestly’
- Senate remarks same as Feb 2nd house testimony
- Interest rates to stay low through 2014
- Calls pace of recovery ‘frustratingly slow’
- Fed expects inflation to ‘remain subdued’
- Fiscal policy must be put on ‘sustainable path’
- ‘Long way to go’ before job market running normally
IBD/TIPP Economic Optimism and JOLTs Job Openings both Higher
IBD/TIPP Economic Optimism: Survey: 48.6 Actual: 49.4 Prior: 47.5
JOLTs Job Openings: Survey: 3250 Actual: 3376 Prior: 3161 Revised: 3118
USDJPY finds sellers against retracement level
The USDJPY tested the 38.2% of the move down from the January 24th high to the low reached on February 1st. That level comes in at the 76.879 level. The high today reached 76.85 and has backed off. The next support level comes in at the trendline at the 76.65 level. Below that the 200 hour MA at the 76.55 level is the next target. The pair was supported today on the official word that the BOJ did in fact intervene in the market (13.2 billion). The intervention occurred on October 31st. On that day the low for the USDJPY was 75.56 and the high reached 79.52. The price has since moved down to the lowest level since that intervention at the 76.017 level. BOJ Shirakawa amd Finance Minister Azumi has each stated recently that they won’t rule out any action to curb the rise including intervention.
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