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The Euro has rallied sharply during the Asian session

Article By: ,  Financial Analyst
October 25, 2010 4:16 PM

 

EUR/USD
Range: 1.3934 – 1.4080
Support: 1.3830
Resistance: 1.4160
The Euro has rallied sharply during the Asian session, extending its rebound from Friday’s low at 1.3855, to levels above 1.4050, last week’s high to reach session high levels at 1.4070 ahead of the European session opening. Once above Oct 21 high at 1.4050, the pair might find resistance at 1.4080/00 (intra-day level) and above here, 1.4125 (Oct 14 high) and 1.4155 (Oct 15 high). On the downside, support levels lie at 1.3930 (session low), and below here, 1.3855 (Oct 22 low).

GBP/USD

Range: 1.5679 – 1.5772
Support: 1.5650
Resistance: 1.5790
The Pound has performed a strong recovery over the Asian session, as, favored by widespread Dollar weakness, the pair rallied from 1.5650 support area, to session high at 1.5770, where it was rejected at Frankfurt opening to ease about 60 pips to 1.5715.On the downside, the pair might find support at 1.5650 (Oct 20/22 lows), and below here, 1.5600/25 (Aug 23/26 highs) and 1.5535 (Sept 8 high). On the upside, resistance levels lie at 1.5770 (session high), and above here, 1.5830 (intra-day resistance) and 1.5880 (Oct 20 high). Director of Research Waller at the St. Louis Fed said the probability of further easing being announced on Nov 3 is “probably pretty high”, adding that a case could be made for an initial easing of $500bn followed by subsequent steps of $250bn.

USD/JPY

Range: 80.41 – 81.46
Support: 80.50
Resistance: 81.90
The Dollar has pushed lower against the Yen during Asian session, breaking below 80.85 to a fresh 15-year low at 80.65 and approaching all time low at 79.90, although despite the renewed Dollar bearishness, the pair is more likely to stabilize above 80.00 this week.

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