USD:
Price action activities has been limited to a consolidating pattern in both direction after a huge market movement the beginning of the new trading year. With three consecutive days of USD strength and a decline in the European currency pairs the market is in a pause awaiting some fresh market price incentives. The USD has retrieved back to its lower levels but within striking distance slightly above its all important support range levels of 79.85-80.05/10. Likewise, momentum has tapper-off leaving a negative breath for a probable decline below these levels with daily high price corrective movements is expected to be made.
EURO:
Is steady with the EURUSD resilient price action limited only within a daily consolidation on both directions. Chart prices are within a major trend channel, even after a 300 pips major correction was made the previous week's trading. However, we do not anticipate a trend reversal until such price levels closes below the trend line channel price of 1.2880 before anyone can claim a reversal. For now the price resistance is cap @1.3300 as the mark; while initial support remains to be @1.2980 on a daily basis. And the current level is @1.3090 to this writing. A Tug of War between bulls and bears can be identified from the candlestick bars with long tails or sometimes called " shadows / wick" defining the HI/LO prices in between the three trading sessions.
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