FOREX: Major Support and Resistance 07.02.2018



EUR/USD -- Weight of evidence now pointing to pullback
toward 21-day MA at 1.2307 before broader upside case can be
revisited; 200-hour MA flips to resistance at 1.2422
* 3rd resistance: 1.2522-37, price highs
* 2nd resistance: 1.2475, price high
* 1st resistance: 1.2422-34, pivot r1
* Spot: 1.2380
* 1st support: 1.2314-07, price low, 21-day MA
* 2nd support: 1.2300, 38.2% Fibonacci
* 3rd support: 1.2223, price low

GBP/USD -- Tuesday’s strong intraday comeback above 21-DMA
requires Wednesday confirmation to suggest tactical base is set
(see chart analysis here)
* 3rd resistance: 1.4151, price high
* 2nd resistance: 1.4091-1.4102, pivot r2, price low
* 1st resistance: 1.4045, daily pivot, mid open/close price
* Spot: 1.3979
* 1st support: 1.3928, pivot s1
* 2nd support: 1.3836, price low
* 3rd support: 1.3797, 61.8% Fibonacci

USD/JPY -- Consolidating at trend lows; 21-day MA guides
the downtrend (110.02) and above here required to trigger an
impulsive correction
* 3rd resistance: 110.29-48, price highs
* 2nd resistance: 110.02, 21-DMA
* 1st resistance: 109.72, Asia high
* Spot: 109.00
* 1st support: 108.46-42, price lows
* 2nd support: 108.28, price low
* 3rd support: 108.09, a price low in 2017

AUD/USD -- Closing in on 0.7819 level, the 50% retracement
line of Dec./Jan. strong uptrend
* 3rd resistance: 0.7982, 21-day MA
* 2nd resistance: 0.7954-58, price high, pivot r2
* 1st resistance: 0.7910, price high
* Spot: 0.7873
* 1st support: 0.7836, price low
* 2nd support: 0.7808-0.7795, price low, 55-day MA
* 3rd support: 0.7774, 100-day MA

Source  Bloomberg Pro Terminal
Trader Velizar Mitov

 Varchev Traders

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