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Daily Analysis – Jan. 20th, 2015

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Daily Analysis – Jan. 20th, 10:00am EST

Technical Analysis

Pair: EURUSD

Resistance: 1.1650, 1.1735, 1.1886, 1.204
Support:  1.1580, 1.1520, 1.1460
Bias: Neutral. Expect the price to trade in a range today with the markets waiting on the ECB meeting taking place later this week. Could trade both sides of the range.

Pair: GBPUSD

Resistance:  1.5200, 1.5230, 1.5265, 1.5326, 1.5400
Support:  1.5180, 1.5150, 1.5100, 1.5080, 1.5034
Bias:  Short. The price has moved 130+ pips in the London session without a real driver in terms of economic news or change in the fundamentals. The price may be driving up in anticipation of a positive jobs number.  The 1.5200 may provide resistance to the move up. If it holds above this level, the price could go up to 1.5233 area or even higher to 1.5265 area. That area would provide stronger resistance.

Fundamentals

High Impact News scheduled for today:

  1. Manufacturing Sales m/m (CAD) – 8:30am
  2. FOMC Member Powell Speaks – 10:00am
  3. NAHB Housing Market Index – 10:00am

Indices and Commodities

DOW – down – 17,509.84
S&P500 – up – 2,019.42
Nasdaq – up – 4,634.38
Nekei – up – 17,366.30
FTSE100 – up – 6,6301.18
DAX – up – 10,264.44

Gold – down – $1,286.60
Oil – down – $46.34

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