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Daily Market Update 28 Jan 2021

EURUSD

HIGH

1.21106

LOW

1.20825

BID

1.20915

ASK

1.20922

CHANGE

0%

TIME

09:08:20

OUTLOOK SUMMARY

Down

TREND CONDITION

Downward
penetration

TRADERS SENTIMENT

Bearish

IMPLIED VOLATILITY

Medium

MARKET ANALYSIS – Intraday Analysis

Upwards scenario: Current price pattern suggest sideways formation after the initial downwards setup. However, loss of resistance at 1.2119 (R1) would enable retracement progress and suggest daily target zone 1.2148 (R2) onto 1.2176 (R3). Downwards scenario: Surge lower the initial support level at 1.2068 (S1) could enable further bearish potential with next target in focus at 1.2040 (S2). Any further price downgrade would then be limited today to final support at 1.2011 (S3).

Resistance Levels: 1.2119, 1.2148, 1.2176

Support Levels: 1.2068, 1.2040, 1.2011

 

GBPUSD

HIGH

1.36923

LOW

1.36503

BID

1.36591

ASK

1.36599

CHANGE

0%

TIME

09:08:20

OUTLOOK SUMMARY

Down

TREND CONDITION

Downward
penetration

TRADERS SENTIMENT

Bullish

IMPLIED VOLATILITY

Medium

Upwards scenario: Medium-term bias remain negative, however upside risk aversion is seen above the resistance level at 1.3692 (R1). Break here would suggest next target at 1.3722 (R2) and any further market strengthening would then be limited to final target at 1.3752 (R3). Downwards scenario: Our next support level aligns at 1.3641 (S1) and possible price regress below it might encounter downside pressure. In such scenario we would suggest next intraday targets at 1.3611 (S2) and 1.3581 (S3).

Resistance Levels: 1.3692, 1.3722, 1.3752

Support Levels: 1.3641, 1.3611, 1.3581

 

USDJPY

HIGH

104.367

LOW

104.047

BID

104.312

ASK

104.319

CHANGE

0%

TIME

09:08:20

OUTLOOK SUMMARY

Up

TREND CONDITION

Upward
penetration

TRADERS SENTIMENT

Bullish

IMPLIED VOLATILITY

Medium

Upwards scenario: Freshly created session high offers a key resistive barrier at 104.36 (R1) on the upside. Loss here might create upside momentum and drive market price towards to our initial targets at 104.65 (R2) and 104.94 (R3) in potential. Downwards scenario: On the other hand, penetration below the support level at 104.14 (S1) might enable retracement formation. In such scenario we would suggest our immediate supports at 103.85 (S2) and 103.55 (S3) as next possible targets.

Resistance Levels: 104.36, 104.65, 104.94

Support Levels: 104.14, 103.85, 103.55

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