Technical Analysis on EUR/USD,GBP/USD,USD/JPY, Jan 15,2015
After ECB Minutes released, economist Greg Fuzesi from J.P． Morgan Chase Co.predicted that there was some interest on the ECB in taking a bigger interest rate cut by 10 base point to -0.4%. They also attempt to extend QE program to Sept 2017. With that being the case, the euro is expected to drop further.
Fed’s beige book released on Wednesday finds modest growth in 9 out of 12 districts. Job market and price continued to improve moderately, which has offset the negative effect on strong US dollar and dropping oil price.
EUR/USD
As EUR/USD continues to rally, we are buyers of call options during the morning session. Meanwhile, the average line in 4-hour chart tends to bend down, indicating an end of call option at 1.0890. Traders ought to take opportunities to buy put options.
Support：1.0835/1.0808 Resistance：1.0890/1.0929
GBP/USD
Seen from the 4-hour chart, the MACD of GBP/USD is gradually shrinking with an increasing momentum. We are cautious of buying call options during the daytime session.
Support：1.4376/1.4271 Resistance：1.4442/1.4500
USD/JPY
The USD/JPY pair is trading at sideways with bearish sentiment during the morning session. Seen from the 4-hour chart, the MACD is shrinking, indicating a weakening bearish momentum while an increasing bullish momentum. Therefore, call options can be purchased during the afternoon session.
Support：117.55/117.17 Resistance：118.29/118.41
[Tips]
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