Sunday

A week ahead(02/14-02/18)by Liviu

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EURUSD

The dollar was not strong enough to break the 1.27 level and major support was triggered at 1.274.
Strong resistance is seen at 1.293 followed by 1.3095. We are curious about the potential tests of
the first resistance area because the market will probably reverse here and fall back toward the dips
of the 1.27 area. On the other side, additional gains of the Euro will target 1.31.

USDJPY

On the last week we were not surprised nor sattisfied by large moves because the pair stayed quiet in a narrow
range and had only one resistance test, trying to stabilize in the 106 area. We expect more courage, inspiring
large moves toward 107 or even a reverse in the 106 area so that we will target the major support levels eyed
at 104.30/50 and 103.35.

EURJPY

As I’ve asked myself in our last weekly report, the pair got back in range after breaking the current support line
at 134.60. But things are interesting now because the first major resistance level at 136.4 was not intimidated by
the last several tests. The pair is quite exhausted now and seems to be taking its “after battle” deserved breath.
Other resistance levels are seen at 137.05 followed by 137.7 and 138.65. A fall toward the range support at 135 is
possible and this is also signaled by our Trix crossing the 0 line.

GBPUSD

The retracement at 1.8735 was complete and the major resistance levels met there were strong enough to hold under the preasure of a few tests.
We will keep our eyes focused on the support level at 1.8635 because a breach here will move our targets toward the dips of 1.85. On the other side, strong resistance zone was triggered by the two lines crossing at 1.8735 and also by the 50% fib. retracement. This will probably be enough for facing new tests but we will see.

USDCAD

The pair has breached the 1.246 support level successfully and stands on the second important support at 1.2355 right now.
A breach here will push it lower toward 1.23 and probably 1.226 later but if the support levels will hold, we will probably see a reverse accelerating the dollar toward 1.26. Resistance is seen at 1.246 followed by 1.257.

EURCHF

A new test targeting the first major resistance level at 1.5605 is possible and we have a few clues suggesting this rally, like the major support level at 1.553 that looks strong enough and our Trix crossing the 0 line.
The first resistance level is followed by 1.563 and a breach here will bring new record highs for the pair.
On the other side, 1.5515 follows the 1.555 support level as a secondary barier that holds apart the 1.54 area.