OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/USD breaks below previous lows

EUR/USD is currently printing fresh 1-month lows at 1.3041, last off 14 pips from mentioned lows, at the time Tokyo traders are back from lunch break, taking Nikkei down -2.34% at the moment, below the 11400 handle. All local markets are in the red, while Gold is flat for the session off fresh weekly highs at $1598, and Oil printed fresh 1-month lows below the $92 mark.

Following the massive sell-off it came with uncertain Italy election results, EUR/USD has left behind the mid term ascending trend line from 1.20 lows, which, in CMT and FXstreet.com Independent Analyst Fan Yang's words: “This clears a rising trendline,”the analyst says, adding: “The next possible target is the 50% retracement of July-Feb (1.2041-1.3710) rally at 1.2875. If there is a pullback, the 1.3150-1.3170 area could provide resistance if the bearish trend is to extend,” he suggests.

Immediate support for EUR/USD to the downside lies at session and fresh 1-month low 1.3040, followed by Oct 31 highs/Jan 07 lows at 1.3021/14, and Jan 04 lows at 1.2994. To the upside, closest resistance shows at recent session highs 1.3089, followed by Friday's lows at 1.3143, and Thursday's lows at 1.3166/1.

Forex: USD/JPY returns to the downside below key 92.20

With Tokyo traders back from their lunch break, markets are seeing another short run in risk aversion, selling Nikkei down -1.93% for the day so far around the 11435 points mark, Hang-Seng -0.91%, and Australian ASX -0.71%, following the -1.83% fall in SP500 and -4.53% in US 10 year bond yields, printing fresh 1-month lows to 1.88%. USD/JPY is currently at fresh Tokyo session lows 92.06, below the key level at 92.20, after it bounced from fresh Feb lows at 90.84.
Read more Previous

EUR/JPY sellers win 38.2% fib battle; breaks sub 120.00 again

Against the backdrop of a 6 big figure drop from highs to lows on Monday, courageous bargain hunters, dip buyers and other traders that still see the Yen as a sell on rallies should be cautious, with the latest follow through to the downside in Yen crosses along Asia (underway) a reminder that momentum in favour of the Yen will be hard to fight.
Read more Next
Start livechat